FIMBank and Plaza issue results

Today, FIMBank plc issued its 2010 full-year results showing a significant improvement in profitability from US$2.6 million in 2009 to US$6.7 million in 2010 as the Group cautiously renewed its appetite for business during the year helped by the improvement in emerging market conditions and a steady pick-up in trade flows. The Directors recommended a final net dividend of US$0.0248 per share (2009: US$0.0156) to all shareholders as at closing of trading on 25 March. As in previous years, this dividend may be taken either in cash or in shares at a price to be announced in due course. Further details available at The publication of the financial results of FIMBank failed to generate any trades in its shares. The equity last traded at US$0.90 and lowest offers are placed at the level of US$0.93. In the results announcement, the Group also revealed a group restructuring exercise through the creation of a new holding company. Further details in this respect will be announced in due course.

Meanwhile yesterday afternoon, Plaza Centres plc also published its 2010 financials. The 3.1% growth in revenue to over €2 million was eroded by higher operating costs, depreciation and net interest expense. Overall, the Company reported a net profit of €832,700 in line with the previous year’s profitability of €836,783. Despite maintaining last year’s profitability, the recommended final net dividend of €0.075 per share (gross: €0.116) is 10.5% below the 2009 dividend of €0.084 per share as the payout ratio was reduced from 95% in 2009 to 85% in 2010. Shareholders as at close of trading on 25 March will be entitled to this dividend. Further details on results available at The market reacted positively to the results as the equity jumped 18.4% to €1.80 – its highest level foe the past 10 years.

Elsewhere on the local equity market, Bank of Valletta plc eased 0.7% to a fresh 4-month low of €2.899 on volumes of just over 37,100 shares. BOV ended the week 3% lower following a downgrade in its credit rating to ‘BBB+’ by Fitch Ratings earlier this week. Meanwhile HSBC Bank Malta plc edged 0.3% higher to regain the €2.96 level on a small deal of 500 shares despite turning ex-dividend. HSBC’s equity closed the week 0.7% lower.

MaltaPost plc was active for the first time this week with its share price edging 1.2% higher to €1.052 on volumes of 13,432 shares.

Overall, the MSE Share Index closed in positive territory for the first time in eleven sessions. Nonetheless, the Share Index still closed the week 1% lower at 3,573.925 points. Malta Government Stock prices declined sharply today as the benchmark Eurozone yield jumped to 3.32% following yesterday’s comments by the European Central Bank President revealing a possible interest rate increase in April due to increasing concerns on inflation expectations. The Rizzo Farrugia MGS Index dropped 0.4% this morning to a new 20-month low of 975.608 points representing a total decline of 0.7% over the week. The bid prices of both new MGS’s were set today at a level below the recent offer prices by the Treasury.

Comments are closed.