The share prices of Bank of Valletta plc and Malta International Airport plc registered mild recoveries during this morning’s trading session. MIDI plc also closed higher (+1.2%) while HSBC Bank Malta plc and GO plc ended the day lower. The MSE Share Index shed 0.21% to 3,248.66 points.
During the day, Bank of Valletta plc’s equity gradually recovered most of yesterday’s decline as the price clinched the €2.63 level. However, a miniscule trade affected in the dying minutes forced the share price to drop to €2.601, representing a minimum increase compared to yesterday’s close. This afternoon, BOV issued its Interim Statement describing the Group’s performance from the start of the 3rd quarter of their financial year on 1 April 2011. During the past few months BOV reported increased net interest income, lower fee and commission income, as well as further ‘unrealised fair value mark downs’ arising from the difficult conditions in the eurozone sovereign debt markets. BOV announced that “the cumulative operating profits for the year to date are a little behind those for the equivalent period of FY 2010, but the overall results have been adversely impacted by the one-off charge estimated at €14.5 million (before third party recoveries) in respect of the offer relating to the La Valette Multi Manager Property Fund”.
Malta International Airport plc edged 0.65% higher to €1.56 ahead of the publication of the 2011 half-year financial results scheduled for tomorrow.
Meanwhile, GO plc dropped to a fresh all-time low of €1.25. Yesterday afternoon the Greek company Forthnet announced that it successfully concluded its debt restructuring. Forthnet’s CFO commented that “this new round of financing is a clear vote of confidence by the financial community to our growth vision through the convergence of residential communication and entertainment services. At a time of deep recession for our country, Forthnet remains a convincing growth story thanks to the loyalty of our Greek customers and the support of the local banking sector”. Forthnet’s share price responded positively to this announcement on the Athens Stock Exchange.
The other active equities, i.e. Simonds Farsons Cisk plc and Plaza Centres plc, closed the day unchanged. Earlier on today, Plaza announced that a Board of Directors meeting is also being held today to approve the publication of the June 2011 financial statements.
Meanwhile, Crimsonwing plc published its March 2011 full-year financial statements showing a 16.5% increase in revenue to €14.3 million, a 30% growth in EBITDA to €0.75 million and a pre-tax profit of €0.22 million. Crimsonwing did not recommend the payment of a dividend to shareholders. In a separate announcement, Crimsonwing reported that during the first quarter of their 2011/12 financial year revenues grew by 23% to €3.8 million.