MSE | Wednesday, 28 May 2008

Lombard Bank Malta p.l.c. took the podium in terms of performance

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Yesterday, the local bourse dropped more points as market heavy weighted Bank of Valletta p.l.c. and International Hotel Investments p.l.c. moved to a lower ground dragging the Malta Stock Exchange Index fractionally down by 0.02 per cent at 4229.23 points. The shares of Lombard Bank Malta p.l.c. climbed 4 per cent.
The Maltese equity market saw sluggish trading predominantly in the red. However Lombard Bank Malta p.l.c. topped the charts as the share price gained €12c0 (LM0.052) or 4 per cent at €3.12 (LM1.339) across 1,750 shares. These shares were swapped across three transactions and carried a market value of €5,339.40 (LM2,292.20). On Friday 23 May, Lombard Bank Malta p.l.c. announced that the first quarter of 2008 was somewhat influenced by the General Elections as well as the transition to euro. Up to date good progress was achieved with satisfactory results being seen across most of the traditional income streams. Even though competition in the banking sector remains keen, performance for the period is much in line with expectations. The Bank remains satisfied with the quality of its assets and cautiously optimistic that further growth and progress can continue to be achieved during 2008.
On the telecommunications front, GO p.l.c. edged forward €0c4 (LM0.002) to settle at the €2.799 (LM1.202) level across 14,399 shares. The price shifted in a range of €2.75 (LM1.181) to €2.799 (LM1.202).
Bank of Valletta p.l.c., the second largest capitalization stock on the Malta Stock Exchange’s Official List had a relatively quiet day. The turnover was low as 5,146 shares changed hands across eight trades. This equity closed €0c1 lower at €4.85 (LM2.082).
Remaining on the banking front, FIMBank p.l.c. was the most liquid stock of the day. The share price retreated $1c0 to finish the second session of the week at $1.88 across 34,930 shares.
International Hotel Investments p.l.c. also weighed on the index dragging the share price down €0c7 (LM0.003) to €1.078 (LM0.463) across 2,362 shares. At market close, best unsatisfied bids stood at €1.021 (LM0.438) for 5,000 shares against best supply of 8,184 shares at €1.075 (LM0.461). On Monday 26th May, the International Hotel Investments p.l.c. made public that IHI p.l.c. and OAO VAO Intourist (Intourist) of Russia made public an agreement to jointly develop and invest in hotels in the four and five star categories across the Russian Federation. The agreement was signed in Moscow, and will come into force once regulatory and other procedures are completed in the coming months. Intourist, which was the Soviet Union’s pre-eminent tour operating, travel and hotel company, is a major player in Russia’s hotel and travel sector. The company forms part of the London-listed Sistema JSFC, one of Russia’s leading conglomerates with investments worldwide, principally in the technology sectors. IHI and Intourist have agreed to join forces and establish an equally-owned investment fund, initially capitalised with $100,000,000, to originate, develop and invest in four and five star hotels in major cities across the Russian Federation, including Moscow. The parties are supporting the joint venture by way of their respective hotel and development expertise in establishing a joint management team to construct, refurbish and operate the joint venture’s hotels. Both sides bring significant resources and extensive expertise in the hotel sector to the joint venture, as well as an intimate understanding of the Russian hotel development market. The intention is to create Russia’s largest hotel chain, operating hotels under various brands including the Corinthia and Intourist brands.
Also on the back foot, the shares of Crimsonwing p.l.c. lost €1c0 (LM0.004) at €0.53 (LM0.228) across 24,727 shares.
HSBC Bank Malta p.l.c. and Malta International Airport p.l.c. preferred to stay on the sidelines and closed unchanged at €3.72 (LM1.597) and €3.11 (LM1.335) respectively.
On Thursday 22 May, MaltaPost p.l.c. announced that the Board of Directors approved the unaudited Condensed Interim Financial Statements for the six-month period ended 31 March 2008. MaltaPost p.l.c. was listed on the Malta Stock Exchange on 25 January 2008 after the Government of Malta, earlier this month, disposed of its 40 per cent shareholding via an Initial Public Offer. For the six months ended 31 March 2008, MaltaPost p.l.c. registered a profit before taxation of €2.60 million as compared to €1.01 million for the same period last year. This represents an increase of 157 per cent (€1.59 million) over the six months ended 31 March 2007. Earnings per share increased to €0.060 from €0.023 in 2007. The turnover increased by 13.41 per cent from €9.66 million to €10.96 million. The cost-to-income ratio improved to 76.64 per cent from 89.65 per cent for the same period last year. The provision for Liabilities and other charges registered a positive movement of €401,000 over last year. Apart from an overall increase in business the performance during this period was enhanced by two events. These are:
1. The increases volumes during the General Elections, and
2. The philatelic/numismatic issues commemorating the introduction of the euro.
Following a company announcement issued by Grand Harbour Marina p.l.c. on Thursday 22 May, the said Company announced that during the first quarter ending 31 March 2008, the Company has concluded the sale of a 30 metre super yacht berth. As a result the financial performance of the Company during the quarter exceeds that achieved during the same period of last year. The Company continues to invest in improving its facilities and services to customers in order to enhance its competitive edge in the market in which it operates. Since the preliminary announcement of the Company’s annual results for the year ended 31 December 2007 on the 31 March 2008, no other material events or transactions have taken place in the ordinary course of business that would have an impact on the financial position of the Company, such that they would require specific mention, disclosure or announcement pursuant to the applicable Listing Rules.
At the annual general meeting of 6pm Holdings p.l.c. held on the 23 May 2008, the shareholders considered and approved the following resolutions:
1. That the Profit and Loss Account and Balance Sheet for the year ended 31 December 2007 and the Directors’ and Auditors’ Report thereon be hereby received and approved.
2. That the appointment of Deloitte & Touche as Auditors, be hereby approved and the Board of Directors be hereby authorised to fix their remuneration. Furthermore, the outgoing Board of Directors was re-appointed in full.
In the fixed interest market, a total of €211,291 (LM90,707.23) (four deals) were transacted in Government Bonds, whereas a total of €31,394 (LM13,477.44) (5 Deals) were transacted in Corporate Bonds.