Company Announcements – 14th – 20th September 2005
Maltacom plc On the 14th of September, Maltacom p.l.c. announced that Prof. Juanito Camilleri, Chief Executive Officer of Mobisle Communications Limited, will be relinquishing his position. Prof. Camilleri have steered Mobisle Communications Limited successfully since its inception in 1999. Maltacom p.l.c. – interim results – a 25% increase in profits for the first half of 2005 On Thursday, 15th September 2005, Maltacom Group published its interim results for the period ending 30th June 2005. Maltacom has recorded a profit for the period before taxation amounting to Lm7.7 million (2004 Six Months: Lm6.2 million; 2004 Year: Lm12.0 million). This represents an annualised return of 19.2% (2004 Six Months annualised: 16%; 2004 Year: 15.4%) on the average shareholders’ funds and of 13.4% (2004 Six Months annualised: 9.7%; 2004 Year: 9.8%) on the average total assets employed. Earnings per share for the period amounted to 5c0 (2004 Six Months: 4c0; 2004 Year: 6c7). Although revenue was marginally down, the Group decreased its operating costs which resulted in a 15.1% increase in gross profit, with the margin improving from 44.3% in June 2004 to 51.4%. Net operating costs amounted to Lm19.2 million (2004 Six Months: Lm20.5 million; 2004 Year: Lm41.5 million) and mainly represent interconnection charges with other operators, labour charges and depreciation. The tax expense for the period amounted to Lm2.6 million (2004 Six Months: Lm2.1 million; 2004 Year: Lm5.2 million) and represents an effective tax rate of 33.8% (2004 Six Months: 34.4%; 2004 Year: 43.1%). Earnings before interest, tax, depreciation and amortisation edged up to Lm11.54 million (margin of 43.2%). A final dividend of 2c1 per share net of taxation was declared on the 7th April 2005 and paid on the 31st May 2005. Middlesea Insurance p.l.c. A Board Meeting has been scheduled for Friday, 23rd September 2005 for the approval of the profits or losses in respect of the half-year performance. Simonds Farsons Cisk p.l.c. The Board of Directors of Simonds Farsons Cisk plc is scheduled to meet on Wednesday 12th October 2005 in order to consider and approve, the Company’s Financial Statements for the six month period ending on 31st July 2005.