On 13 May, MaltaPost plc published its interim financial statements fro the six months ended 31 March 2010. The results reveal a marginal increase in revenue to €10.55 million. This rise was due to a slight increase in traditional mail volumes and continued growth in the international mail business. However this rise was offset by higher costs, namely wages and depreciation, resulting in a marginally lower operating profit of €1.71 million compared to the €1.75 million registered in the first six months of the previous financial year.
Pre-tax profit declined by 3.1% to €1.86 million after accounting for a lower level of finance income. However profit for the period improved to €1.18 million (March 2009: €1.14 million) on a lower tax charge.
The Directors stated that the declines in traditional mail volumes continues to be substituted by increases in international inbound mail due to the growth in internet shopping. Furthermore the Directors’ noted that due to increasing local and international competition, especially in the packets and parcels business, the Company must strive for excellence in all its operations and customer service and adapt to clients’ requirements. The Directors also reiterated their intention to diversify the business into low cost financial services and the provision of back office processes.
In conclusion, the Directors explained that they do not envisage any occurrence which could prevent the Company from achieving the targets set for the current financial year ending 30 September 2010.
Download a copy of MaltaPost plc Interim Results for the six months ended 31 March 2010.