Go plc financial results in line with expectations

This week the Malta Stock Exchange Index closed at 4,456.884 points, a loss of 0.83% over last week.  Since the beginning of the year the Index lost 9.74%.  During the week, twelve equities were negotiated, with four equities closing in positive territory and seven in negative territory and one remaining stable.  During the week MaltaPost plc was the best performer whilst Datatrak Holdings plc lost most territory.

A total of 273 deals were registered on the stock exchange for a turnover of over Eur3.9 million.  In the equity market one hundred seventy five transactions were carried out for a total value of Eur867,300.28.  In the corporate bond market forty-three transactions for a total value of Eur303,587.15 were carried out.  In the government bond market fifty transactions were executed for a total value Eur1.8 million.  Five transactions were carried out in Treasury Bills for a total value of over Eur1 million.

During the week, both Bank of Valletta plc and HSBC Bank Malta plc dropped to new lows.  The share price of Bank of Valletta plc closed the week at Eur5.05 at a loss of 2.70% over the previous week.  Tuesday was the last day to gain entitlement for a gross interim dividend of EUR0.135 per share in Bank of Valletta plc shares. 

The share price of HSBC Bank Malta plc closed the week at Eur4.13 at a loss of 1.43% over the previous week. On Thursday HSBC Bank Malta p.l.c. announced that Mr Shaun Wallis resigned from his post as executive Director with effect from 5 May 2008.  Mr. Wallis was replaced in the post of executive Director by Mr. Alan Christopher Hugh Richards.  Mr. Richards was formerly Director and Deputy Chief Executive Officer HSBC Australia, Director and Head of Retail Banking, HSBC Bank A.S. Turkey and previously Director HSBC Broking Asia and prior to that General Manager HSBC Bank Malaysia. 

On Monday a share split for Lombard Bank plc was carried out.  The share price closed at Eur3.25, equivalent to last week’s value of Eur13.00.  Lombard Bank plc closed the week at Eur3.24 at a loss of 0.31% over last week.  The share price of FIMBank plc dropped by 1.57% to $1.88 as 19,642 shares changed hands on ten transactions.

The share price of Middlesea Insurance plc dropped by 0.58% and closed at Eur3.41 as 1,180 shares changed hands on two transactions.  Datatrak Holdings plc lost 4.59% as its share price closed at Eur0.291 on a single transaction of 3,000 shares. 

The share price of Go plc dropped by 1.50% to Eur2.95 as 3,600 shares changed hands on four transactions.  After the close of Friday’s session Go issued its Interim Directors’ Statement where it said that the Group’s financial results during the first quarter of 2008 are “in line with expectations and at levels similar to those registered for the same period in 2007”.  Details were also given in relation to the recent investment in ForthNet and the subsequent acquisition of pay-TV operator NetMed.  The Directors said that “notwithstanding the investments during the period, the Group’s balance sheet remains strong, and is driven by continued healthy cash generation from operations”.  They also announced that further investments in ForthNet are expected to be made through bank borrowings which will leverage the Group within acceptable levels.

The share price of Simonds Farsons Cisk plc appreciated by 5.00% and closed at Eur2.73 at the beginning of the week.  This as 5,890 shares changed hands on three deals.  A net final dividend of EUR0.053 per share will be paid to shareholders on the 27th May.  The share price of International Hotel Investments plc appreciated by 0.945 and closed at Eur1.07 on eight deals for a total volume of 29,750 shares.  The share price of Malta International Airport plc increased by 1.52% to Eur3.35 as 22,800 shares changed hands on thirteen deals.  On Tuesday MIA published April traffic results showing a further increase of 4.5% in passenger departures.  There was an increase of 16.1% since the beginning of the year.  Finally the share price of MaltaPost plc appreciated by 6.67% and closed at Eur0.80 as 70,249 shares changed hands on seventeen transactions.

This article which was complied by Jesmond Mizzi Financial Services Limited (JMFS) does not intend to give investment advice and the contents therein should not be construed as such.  JMFS is licensed to conduct investment services by the MFSA.  The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article.  For further information please contact JMFS at 67/3, South Street, Valletta or on Tel: 21224410 or email [email protected].