GlobalCapital Financial Management Ltd - Malta Stock Exchange Review
Subdued day at the Local Bourse
Yesterday, the local stock exchange closed lower at 3218 points, decreasing by 17 points or -0.52%. A total of 32,501 shares were exchanged through twenty two trades for a total value of €87,571. Four of the six stocks traded in this session remained unchanged.
Bank of Valletta p.l.c. was the leader where thirteen trades were performed through 26,820 shares. The share price remained untouched though at €3.00 per share. Best bid stood at 1,000 shares at €2.92 against best offer of 414 shares at €3.001.
Remaining on the banking front, FIMBank Malta p.l.c. remained unchanged at €1.29. A total of 1,000 shares were swapped over two deals. FIMBank Malta p.l.c. share price has remained unchanged since 30th July where their share price rose by 0.86%.
On the telecommunication front, GO p.l.c. share price also remained neutral at €1.75 where 1,800 shares were traded over four deals.
Elsewhere on the local stock market three other companies also traded, MaltaPost p.l.c, International Hotel Investments p.l.c. and Middlesea Insurance p.l.c. As with the previous stagnant stocks, MaltaPost also remained unchanged in today’s trading session where their share price stood at €0.70. One deal was traded over 1,343 shares. International Hotel Investments were the largest loser of the session where the share price decreased by €0.02c4 to close at €0.875 per share. The 2.67% decline came about when 538 shares were dealt through its only trade of the day. Middlesea Insurance p.l.c. share price closed the day at €1.75 decreasing by €0.01c which happened when 1,000 shares were swapped through its only deal of the day. On Tuesday 4th August, Middlesea Insurance p.l.c. announced this morning that they have scheduled to meet on Tuesday 25th August 2009 to consider and approve the financial statements for the half year ended 30th June 2009.
On Wednesday 29th July, Medserv p.l.c. announced that in terms of Article 60.1 of the Company’s Articles of Association, Profs. David Roberts has been co-opted by the board of directors as a non-executive director of the Company. His appointment shall be valid until the conclusion of the next annual general meeting.
On Wednesday 29th July, Crimsonwing p.l.c. the Board of Directors approved the financial statements for the financial year ended 31st March 2009. Revenues increased during the period to €12,077,921 when compared to €9,552,567 in 2008, an increase of 26%. Organic growth was around 11%. Other revenue growth in the year was due to the acquisition of VDA contributing approximately to €1.5million of revenues during the nine months from July 2008 to March 2009. However, during the second half of the year, a number of internal and external factors impacted Crimsonwing’s profitability. Internally, the Crimsonwing acquired VDA which was a loss making business that had been allowed to drift despite an excellent client base and software portfolio. Crimsonwing VDA subsequently made losses of €270,258 during the year whilst the Directors worked at re-structuring the overhead base, and which itself was an expensive exercise. Crimsonwing VDA is now profitable. The net loss for the year amounted to €499,932 when compared to a profit of €823,752 in 2008.
On Friday 31st July, the Board of Directors of Malta International Airport p.l.c. approved the Company’s Interim Financial Statements for the six months ended 30th June 2009. Passenger through-put during the first six-months of the financial year decreased by 10.9%, the aircraft movements also decreased by 7.5%, and cargo traffic by 11.9%. The Group’s turnover for the period is € 20,555,892 when compared to €20,127,326 in 2008. Staff costs have increased marginally from €4,422,710 to €4,503,719 whilst other operating costs went up from € 7,446,264 to € 8,002,522. The depreciation charge for the first six-months of the year increased from €2,310,116 to € 2,697,281. The profit for the period is €3,053,718 when compared to €3,322,745 in 2008. This is 8% less than that of the previous six month period. This result reflects the loss of revenue due to the downturn in passenger numbers and the increase in operating costs and depreciation charge partially mitigated by the increase in non-aviation revenues following significant investments made by the Company in previous years. The Group is proposing a net interim dividend of €0.06 per share on all shares settled as at close of business on Monday 10th August 2009.
On 31st July the Board of Directors of HSBC Bank Malta p.l.c. approved the Group and Bank Interim Unaudited Financial Statements for the six-month period ended 30th June 2009. Profit before tax of €34.8 million for the six months ended 30th June 2009 was down €11.8 million, or 25.3%, compared with €46.6 million for the same period in 2008. Profit attributable to shareholders down 25.2%, or €7.6 million, to €22.5 million when compared with €30.1 million over the comparable period in 2008. Earnings per share for the six months ended 30th June 2009 at 7.7 euro cent, compared to 10.3 euro cent for the same period in 2008. Loans and advances to customers of €3,180.6 million at 30th June 2009, up €68.3 million, or 2.2%, compared with 31st December 2008. Customer deposits of €4,009.3 million at 30th June 2009, down €7.3 million, or 0.2%, compared with 31st December 2008. Total assets of €5,013.1 million at 30th June 2009, down €283.0 million, or 5.3%, compared with 31st December 2008. Return on equity of 15.6% for the six months ended 30th June 2009, compared to 22% in the first half of 2008. The Board is declaring an interim gross dividend of 7.7 euro cent per share (5.0 euro cent net of tax). This will be paid on 27th August 2009 to shareholders who are on the bank’s register of shareholders as at 12th August 2009.
On Tuesday 4th August, Middlesea Insurance p.l.c. announced this morning that they have scheduled to meet on Tuesday 25th August 2009 to consider and approve the financial statements for the half year ended 30th June 2009.
In the fixed interest market, a total of €151,466 (twenty three deals) were transacted in Corporate Bonds. Meanwhile, a total of €5,936,403 (six deals) were transacted in Government Bonds.
Issued by GlobalCapital Financial Management Ltd, 120 The Strand, Gzira, GZR1027 for information purposes only and is not intended to constitute any financial, legal or tax advice. This write up is not to be taken as investment advice to buy or sell any investment. Investors should seek professional advice prior to taking investment decisions and should note that the value of investments may fall as well as rise. Readers who would like more information are invited to send an E-mail to [email protected] or Tel: 21 342342. GlobalCapital Financial Management Ltd is a member of the Malta Stock Exchange and is licensed by the Malta Financial Services Authority (MFSA).
