MaltaPost plc - Interim Results

On 29 May 2020, MaltaPost plc published its preliminary statement of half yearly results for the six-month period ended 31 March 2020.

Performance Overview

During the first half of the current financial year, revenues increased by 1.2% to €17.2 million reflecting the upward revision in local tariffs as well as increased parcel business. Likewise, operating expenses increased by a marginal 0.7% to €15.9 million, resulting in a growth of 6.7% in operating profit to €1.36 million compared to €1.27 million in the previous corresponding period.

After accounting for finance income of €0.05 million, the postal operator reported a pre-tax profit of €1.41 million. This is 2.9% higher than the figure of €1.37 million recorded in the first half of the 2018/19 financial year. After deducting a tax charge of €0.48 million, the net profit for the period increased by 2.2% to €0.92 million (H1 2018/19: €0.9 million). This translates into an annualised return on average equity of 7.1%.

The condensed Interim Statement of Financial Position shows that total assets contracted by 1.1% to €42.7 million since the end of September 2019 as the drop of €4.36 million in cash and deposits outweighed the recognition of €1.98 million in right-of-use assets as well as the €1.45 million increase in trade and other receivables. Likewise, total liabilities increased by 1.1% to €16.4 million as the recognition of €1.78 million in lease liabilities outweighed the drop in trade and other payables. Overall, net assets eased by 2.5% to €26.3 million.


In their commentary, the Directors explained that the half-yearly results need to be considered in the light of the prevailing situation regarding ‘COVID-19’. In fact, significant declines in both postal and non-postal revenues were registered since March 2020 when compared to the same period in 2019, with the impact being most noticeable when very stringent measures, including an air travel ban, were introduced.

Despite the unprecedented circumstances, MaltaPost noted that it remains fully operational also in compliance with its role as an essential service to the community. Furthermore, MaltaPost is continuously monitoring the overall macroeconomic developments and taking the necessary measures to safeguard its profitability, cash flow reserves, and support its ongoing operations in a lower revenue environment taking into account current and forecasted operating and other expenses, taxes and obligations.


MaltaPost plc – Condensed Interim Financial Statements for the six-month period ended 31 March 2020.