MSE | Wednesday, 05 March 2008

Sustained activity at Garrison Chapel

Yesterday, the Malta Stock Exchange index caved in 5.37 points to finish at 4645.61 points. Local stocks put in a lackluster performance today, as investors seem to be waiting to see if leading stocks could latch on to a direction.
On the banking front, the shares in HSBC Bank Malta p.l.c. were range-bound, gaining Eur0c1 to settle at the Eur4.401 (MTL1.89) level across 13,562 shares. The lowest traded price during the session was Eur4.40 (MTL1.89), whereas the highest traded price of the day was Eur4.401 (MTL1.89).
On the telecommunications front, GO p.l.c. shares were also in the limelight and acted as the most influential leader on the upside. The share price traded Eur0c5 higher to finish at the Eur3.14 (MTL1.35) level across 3,100 shares. These shares were swapped across two trades. At market close, best demand stood at Eur3.13 (MTL1.34) for 3,000 shares against best supply of 4,695 shares at Eur3.14 (MTL1.35).
Following a company announcement issued by GO p.l.c. on Wednesday 27th February, the Company announced that the Board of Directors of GO p.l.c. has approved the Preliminary Statement of annual results for the financial year ended 31st December 2007. During the year, the Group has recorded a profit before taxation amounting to Lm11.9 million when compared to Lm12.0 million in 2006. Earnings per share for the year amounted to 7c1 when compared to 8c0 in 2006. The gross margin for the year amounted to Lm22.3 million when compared to Lm25.6 million in 2006, which is equivalent to 39.3% when compared to 46.1% in 2006 of total revenues. A claim for a VAT refund of Lm4.1million was recorded on the income statement.
The tax expense for the year amounted to Lm4.7 million when compared to Lm3.9 million in 2006. Following an interim dividend of Lm0.01c5 net of taxation per share which was declared on 31st October 2007 and paid on 21st November 2007, the Board of Directors recommended the payment of a final dividend of €0.11c65 equivalent to Lm0.05c0 net of tax per share for the approval of the shareholders at the next Annual General Meeting to be held on 11th April 2008 which dividend will be payable on 16th April 2008. In 2006, the Board of Directors has also recommended Lm0.05c0 net of tax per share. This net dividend will be payable to shareholders who will be on the register of shareholders as at 14th March 2008.
Furthermore, until the Group determines the precise title over the properties the Group is reversing the revaluation surplus recognised on these properties and recognising the depreciation of the cost of improvements. The effect on balances as at 1st January 2006 and 31st December 2006 are reflected in the audited financial statements.
The shares in FIMBank p.l.c. closed in the red as the share price dipped $5c5 to $2.00 across 26,200 shares. Following a company announcement issued today, the Board of Directors of FIMBank p.l.c. met in Dubai on 2nd March 2008 to approve the Audited Financial Statements for the financial year ended 31st December 2007. The Board of Directors resolved that the Audited Financial Statements be submitted for approval of the shareholders at the forthcoming Annual General Meeting to be held in Malta on 10th April 2008.
At that meeting, the Board of Directors will be recommending the payment of a scrip dividend of US$4,184,720 (i.e. US cents 3.80232493 per ordinary share) and a one for five bonus shares issue. Shareholders on the register at the Central Securities Depository of the Malta Stock Exchange as at the close of trading on 13th March 2008 (the Record Date) will be entitled to:
a) receive notice of the Annual General Meeting;
b) be allotted shares issued pursuant to the bonus shares issue; and
c) receive the scrip dividend, to be paid either in cash or by the issue of new shares at each shareholder’s option as from Monday 21st April 2008.
The Board of Directors also resolved that the attribution price for calculating the scrip dividend will be communicated at a date after the 13th March 2008.
The FIMBank Group posted an after-tax profit of US$10.5million in 2007 when compared to US$ 7.6million in 2006. The Bank increased its net interest by 19%, from US$5.1 million to US$6.0 million. During the year, the Bank registered a further growth of 23% in net fee and commission income, from US$ 9.3 million in 2006 to US$ 11.5 million. FIMBank also recorded dividends of US$ 0.6 million mainly from one of its associated undertakings. Impairment losses decreased from US$0.9 Million to US$0.7 million. Operating expenses largely made up of staff and administrative overheads also grew by 23%, which compares favourably with the growth of 46% in cost base experienced in 2006. Pre-tax profit for the bank decreased 8% from US$3.8 million in 2006 to US$3.5 million.
Crimsonwing p.l.c. shares were also hit and weighed on the index, dragging the share price down Eur3c5 (MTL0.02) to Eur0.55 (MTL0.24). A total of 6,000 shares were exchanged across three transactions. Yesterday, Crimsonwing p.l.c. announced that with effect from Thursday 14th February the said Company have appointed Tom Meehan to the Executive Board of Crimsonwing p.l.c.
Another stock that closed in negative terrain was 6pm Holdings p.l.c. The share price slipped £0c1 at £0.729 across 1,000 shares.
Elsewhere on the board Bank of Valletta p.l.c. and MaltaPost p.l.c. closed the second session of the week unchanged from their previous session close at Eur5.80 (MTL2.49) and Eur0.70 (MTL0.30) respectively.
Furthermore, GlobalCapital p.l.c. is currently trading at Eur5.15 (2.21).
On Friday, 29th February, Lombard Bank Malta p.l.c. announced that the Company has appointed Julius M. Bozzino, currently residing in London UK, as Chief Officer – Private Banking & Corporate Advisory Services. Mr. Bozzino is expected to take up his position by May 2008. Furthermore, the Company also announced that Marfin Popular Bank Public Company Ltd of Cyprus has purchased 3,698,509 shares of a nominal value of €0.5823 each in Lombard Bank Malta p.l.c. equivalent to 42.86 % of the Issued Share Capital of Lombard Bank Malta p.l.c.
On Monday 3rd March, the Board of Directors of Grand Harbour Marina p.l.c. is scheduled to meet on Friday 7th March 2008 to consider and approve Grand Harbour Marina p.l.c.’s Final Audited Accounts for the financial year ended 31st December 2007 and to consider the declaration of a dividend to be recommended to Grand Harbour Marina p.l.c.’s Annual General Meeting.
In the fixed interest market, a total of Eur1,467,811 (MTL630,131.26) (20 Deals) were transacted in Government Bonds, whereas a total of Eur25,570 (MTL10,977.20) (4 Deals) were transacted in Corporate Bonds.