MaltaPost plc - Interim Directors’ Statement

On 11 February, MaltaPost plc published an Interim Directors’ Statement explaining its performance since the start of the current financial year on 1 October 2013.

During the period under review, the financial performance of the Company remained broadly unchanged from the previous comparable period as the increase in turnover was offset by higher costs including those related to wages and cross border mail delivery costs. The Directors also noted that revenues increased in spite of the continued downward trend in traditional letter mail volumes.

Looking ahead, the Directors explained that the Company will remain focused on improving revenue and profit growth through product and service diversification as well as seeking opportunities in the growing e-retailing (online shopping) business. The Directors also noted that the upward revision of certain tariffs with effect from 1 January 2014 is expected to further mitigate the decrease in letter mail volumes. Nonetheless, MaltaPost maintains an open dialogue with the Malta Communications Authority (MCA) in respect of postal tariffs to ensure that the Company can reasonably and realistically sustain its Universal Service Obligations (USO).