Company results dominate the week

The Malta Stock Exchange Index closed at 3,795.462 points, losing 0.74 per cent on the week, and thus losing last week’s gains of 0.43 per cent. This week, twelve equities were negotiated, with four equities closing in positive territory, five in negative territory and three other equities remaining unchanged. During the week, Crimsonwing plc was the best performer, whilst Middlesea Insurance plc lost most ground.

A total of two hundred and ten trades were registered on the stock exchange, with a total turnover of over EUR 8.03 million, including a put-through trade of EUR 1,207.  In the equity market one hundred thirty three deals were executed for a total value of over EUR 1.18 million. In the corporate bond market thirty nine deals were carried out, for a value of EUR 288,945, whilst in the government bond market, thirty deals were executed for a total value of over EUR 5.06 million. In the Treasury Bills market, seven deals were executed for a total value of over EUR 1.48 million.

In the banking sector, Bank of Valletta plc maintained last week’s share price of EUR 4.30. BOV traded 33,813 shares over thirty eight deals. On the other hand, HSBC Bank Malta plc continued to lose ground, as it registered a fall of 0.39 per cent. The closing price for the week was EUR 3.10, a fall of EUR 0.012, with 8,645 shares traded over ten deals. Lombard Bank plc registered a rise of EUR 0.05, closing the week at EUR 2.949, with 31,126 shares changing hands on thirteen deals. FIMBank plc also experienced a rise in its share price, as it closed the week at USD 1.958, increasing by USD 0.018, with a volume of 481,260 shares traded over twenty four deals, for a total value of EUR 637,360.

Middlesea Insurance plc registered a loss of over 7 per cent in its share price. The equity closed the week at EUR 3.10, thus losing EUR 0.24 on the week, having traded 47,792 shares over seven deals. GO plc also experienced a loss in its share price, as it closed the week at EUR 2.20, therefore decreasing by over 6 per cent on the week (or EUR 0.15), with 10,226 shares changing hands on ten deals. Malta International Airport plc lost EUR 0.041 of its previous share price. The closing price for the week was EUR 2.999, with 2,575 shares being traded on two deals. On the other hand, RS2 Software plc fell marginally this week, closing the week at EUR 0.829, EUR 0.001 less than last week, as 10,300 shares changed hands on seven deals.

Crimsonwing plc registered a rise of 3.8 per cent in its share price. Crimsonwing closed the week at EUR 0.519, EUR 0.019 higher than last week, with 4,067 shares changing hands on four deals. Medserv plc was the other equity which registered a rise in its share price. The equity closed the week at EUR 4.00, a rise of EUR 0.01 from last week, with 4,000 shares traded over three deals.

International Hotel Investments plc (IHI plc) closed the week at its previous share price. The equity closed at EUR 1.05, as 70,542 shares changed hands over thirteen deals. Likewise, Plaza Centres plc also retained its previous share price during the week, as it closed the week at EUR 1.70, with 2,800 shares changing hands on two deals.

Datatrak Holdings plc, 6pm Holdings plc, Lombard Bank plc, Medserv plc, International Hotel Investments plc, GO plc and GlobalCapital plc all announced their interim results for the period 1st January to 30th June 2008.

Datatrak Holdings plc announced that the Group registered a turnover of EUR 1.6 million, compared to the turnover of EUR 1.45 million in 2007, over the six months ended 30 June 2008. A loss before tax of EUR 116,596 was reported by the Group, 10% less compared to the loss before tax of EUR 129,807 registered in 2007. The Group loss for the period was mainly due to the one time restructuring costs that took place in the first 6 months of 2008 together with an increase in salaries arising from the strengthening of the IT compliment within the Group to service both local and international clients.

6pm Holdings plc registered a profit before tax of £90,418. Turnover for the period was £2.6 million, and an operating profit was £107,444. The company also announced that the trading pattern in the first half of 2008 largely resembled that of 2007 (before 6pm listed).

Medserv plc announced that turnover for the six month period amounted to EUR 5.9 million and a profit before tax was EUR 684,166 (EUR 529,750 less than the same period of last year).

Lombard Bank Malta plc announced a profit before tax of EUR 7.76 million, 60% more over the same period in 2007, Net Interest Income of EUR 6.76 million (an increase of 9.8% over the same period last year), and Loans and Advances to Customers reach EUR 284.53 million (a rise of 9.3% over 31 December 2007).

IHI plc announced that the Group registered a turnover of EUR 64.3 million for the six months period to 30 June 2008, 65% higher than the turnover levels for the corresponding period in 2007. This increase was attributed to the fact that the results of both the Corinthia Bab Africa Hotel and Commercial Centre in Tripoli, and the Corinthia Hotel Prague have now been included for the full six month period, whereas in the comparative period they were only included for the month of June being the month following acquisition. During the period, the Group registered a profit before tax of EUR 6.01 million, compared to a loss before tax of EUR 1.63 million in 2007.

GO plc announced that the Group registered a turnover of EUR 64.2 million, an increase of 1.6% over that registered for the same period in 2007. Turnover was characterised by the continued decline in traditional fixed-line voice services which is however being mitigated by revenues from broadband, mobile and new business, which now also includes TV. During the period under review, the Group recognised a loss of EUR 2.7 million representing its share of results of Forgendo Limited. Profit from operating activities amounted to EUR 1 million for the period under review. Although this is EUR 11 million below that registered in the same period last year, the results include a provision for pensions of EUR 11.8 million (following a Court of Appeal judgement)  and a depreciation charge of EUR 12.9 million (in 2007: EUR 10.6 million). Also during the period, the Group registered a loss before tax of EUR 4.39 million, compared to a profit before tax of EUR 8.25 million registered in 2007. No interim dividend was declared.

GlobalCapital plc announced a loss after tax of EUR 4.37 million for the six months ended 30 June 2008, compared to a profit after tax of EUR 905,939 for the corresponding period in 2007. This loss excluding fair valuations, revaluations, tax and impairment charges was EUR 1.55 million for the first half of 2008 compared, to a net loss of EUR 847,446 for the same period in 2007, on a like-for-like basis. The fair valuations and revaluations are driven mainly by the market environment for the financial industry. The Directors do not recommend the payment of an interim dividend. GlobalCapital also announced that the Company will not be proceeding with the acquisition of Medifin Holding Ltd. Nevertheless, the Company will continue to remain focused on its objective to develop and expand the services it currently offers by adding banking to its existing business lines and will pursue other initiatives to accomplish this strategy.

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].