MaltaPost plc - Interim Directors’ Statement

Tuesday, February 19th, 2013

On 19 February, MaltaPost plc issued its Interim Directors’ Statement explaining its performance since the start of its current financial year on 1 October 2012 as well as updating the market on other developments.

Performance

Since 1 October 2012, MaltaPost reported that business trends were on the same pattern of the corresponding period last year with traditional mail volumes continuing to decline. Meanwhile, the new local tariffs on certain postal services, that came into force in November 2012, and the rising parcel volumes from on-line retailing helped to partly mitigated the lost revenue due to the international cross border mail tariffs imposed by the Universal Postal Union (UPU) as from 2012.

Overall, the profitability of the Company for the period under review has improved over that registered in the corresponding period last year.

Moreover, MaltaPost’s financials are expected to register further improvements in the second half of its financial year (between April and September 2013) given the expected positive impact from the new revised tariffs for standard local mail which will come into force on 1 April 2013.

Operational Developments

The Directors also confirmed that MaltaPost has now submitted an application with the Malta Financial Services Authority (MFSA) for its newly set-up and full-owned subsidiary to act as insurance agent of Middlesea Insurance plc.

Progress has also been registered with respect to the Company’s back-office and corporate services activities. After securing premises in Gozo, MaltaPost is now expecting higher levels of activity for such services.

Outlook

Looking ahead, the Company explained that it will continue to focus its resources on ensuring that a strategic approach is maintained so as to improve efficiency as well as increasing profitability.

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