Maltapost registers €3.19m pre-tax profit

Maltapost plc registered a pre-tax profit of €3.19 million for the year ended September 30, 2009, up 10 per cent from €2.90 million last year, shareholders heard at the postal group's annual general meeting last Wednesday.

Revenue decreased by 1.4 per cent from €20.48 million to €20.19 million. This was mainly attributable to lower volumes of domestic mail and lower philatelic sales. The decline was compensated by an increase in cross border mail.

Costs decreased by 3.4 per cent from €17.93 million to €17.33 million, mainly as a result of the ongoing review of operational processes.

Cost-to-income ratio improved to 85.9 per cent from 87.6 per cent. Total assets increased by 3.1 per cent to €22.07 million. Shareholders' funds increased by 20.9 per cent to €10.88 million.

Maltapost plc chairman Joseph Said said the profitability achieved by the national postal operator over the past four years clearly showed a consistent and steady growth even in a subdued economic climate.

He said it was the result of careful and judicious cost containment, investment in quality staff, improvement in the various processes as well as by anticipating the ever-changing market conditions both locally and abroad.

Quality of service standards continued to be of foremost importance to Maltapost and confirmed that the company continued to exceed both local and international industry service standards.

David Stellini and Philip Tabone were re-appointed directors and Joseph Said (chairman), Joseph Azzopardi and Aurelio Theuma form the board of directors.