Farsons reports 36.1% rise in profits

This afternoon, Simonds Farsons Cisk plc published its financial results for the year ended 31 January 2011. The accounts show a 36.1% rise in profitability to €3.7 million on the back of increased revenue following increased export sales. Moreover, during the year under review the Group registered a decline in expenses due to lower costs of raw materials, overhead cost containment and improved production efficiency. The Directors recommended a final net dividend of €0.0533 per share to all shareholders as at close of trading on 19 May. Together with the interim dividend of €0.0133 per share, the total net dividend for the year amounts to €0.0667 per share representing an 11.2% increase over the previous year’s dividend.

On the secondary market, the local equity market closed in negative territory for the third consecutive session this week with the MSE Share Index retreating by a further 0.2% this morning to yet another fresh 6-month low of 3,335.147 points. Following today’s downturn, the local share index continues to lag behind international stockmarkets as it is 11.8% below its value at the beginning of the year compared with the year to date increases of the Dow Jones Industrial Average (+6%), DAX (+4.6%) and the FTSE 100 (+2.1%).

During this morning’s session, Bank of Valletta plc eased 0.3% lower back to the €2.89 level across twenty four trades totalling 17,889 shares. Meanwhile HSBC Bank Malta plc closed unchanged at the €2.92 after recovering from an intra-day low of €2.90 on volumes of just over 12,000 shares.

Crimsonwing plc’s shares were active for the first time since 25 February 2011. A single trade of 10,000 shares was transacted at a new 16-month low of €0.369, representing a 2.6% drop from the previous close.

The share price of Malta International Airport plc lost further ground as it dwindled 1.2% to €1.70 on a small deal of 152 shares. Similarly GO plc edged minimally lower to €1.429 across seven trades totalling 6,627 shares despite still trading with the entitlement to the net dividend of €0.05 per share.

The Rizzo Farrugia MGS Index dropped 0.3% back to 975.360 points as the benchmark Eurozone yields marginally recovered.