Malta International Airport plc's (MIA) results were published on Friday morning. The efforts made by the company in the past few years, with the Malta Tourism Authority (MTA), and the Government's subsidising low-cost airlines, has paid rich dividends. MIA's results for the year ending December 31, show a very encouraging 10.4% increase in passenger movements to 2.97 million. There was also a 10.7% increase in aircraft movements when compared to 2006, but a slight decrease in cargo handling of 4.3%. The increase in passenger traffic is in line with the increase in tourist arrivals to Malta registered by the MTA. Three airlines, Ryanair, Clickair and German Wings, started operations to Malta in 2007 and have contributed significantly to the increase in traffic. Press reports have indicated EasyJet will start operations later this year.

Since MIA changed its accounting reference date from March 31 to December 31, the figures that follow refer to a non-comparable period, which now coincides with the calendar year. Pre-tax profit was €14.1 million (Lm6.05 million), while revenue reached €44.4 million (Lm19 million). Most of the increase in revenue related to additional regulated fees received as a result of the increase in passenger traffic. This led to a significant increase in commercial revenue due to the improved performance of the retail outlets within the air terminal and the larger number of passengers that used the facilities throughout the year. Staff costs totalled €8 million (Lm3.4 million) and operating expenses came in at €16 million (Lm6.9 million). Earnings per share stand at €0.132 (Lm0.0566). The passenger throughput for 2008 is expected to increase further. To accommodate this increase, major works valued at €4.43 million (Lm1.9 million) to maximise the air terminal facilities, are currently taking place; these will improve the security function as well as increase the retail floor space in the departure area.

This month, the company successfully negotiated the termination of the car park concession from the existing operator. MIA set up a wholly owned subsidiary, Sky Parks Ltd, to take over the running of the car park business with effect from March 1.

The board is proposing that the AGM approves the payment of a gross dividend of €0.08923 (Lm0.038308) - net €0.058 (Lm0.0249) to shares settled as at close of business on May 5, 2008, i.e. share purchases made by April 29.

On the market, business was quite brisk, with equity turnover by value just topping €1.75 million - the best week of the year so far. International Hotel Investments plc (IHI) was the best performer, up 3.4%, closely followed by Simonds Farsons Cisk plc (SFC) up 3.2%, with Fimbank plc (FIM) in third position with a 2.5% gain. MIA just missed making it to the podium with a 2.2% gain, but nonetheless celebrated its good results by hitting a 2007/8 high of €3.29.

MIA gained a cent to €3.23 on Monday and was stable for the first part of the week. The last two trading days saw MIA take off, climbing to €3.261 on Thursday, and €3.29 on Friday, to end the week 2.2% ahead. Total volume amounted to 15,641 shares for a value of €50,720. At the end of Friday's session, best bids were for 5,000 shares at €3.20, while offers for 181 shares started at €3.29.

Bank of Valletta plc (BOV) kicked off the week marginally down and continued lower, ending the day at €5.80. Trade was quite brisk with 35,247 shares changing hands. All trade between Tuesday and Thursday was effected in a tight range of €5.79 to €5.82. On Friday, a sale order for 1,016 shares late in the day dragged the price to €5.75 for BOV to close the week 1.44% lower. Total turnover amounted to 53,553 shares, for a market value of €310,688. At the end of the week, total bids for 2,153 shares were at €5.75, whereas offers of 4,389 shares started at €5.82.

HSBC Bank Malta plc (HSB) opened the week optimistically, up 4c9 but quickly lost ground to end Monday at €4.40. It was generally stable for the rest of the week, ending Friday at €4.401, practically unchanged on the week, a mere 0.02% up. Turnover for the five days totalled 58,170 shares for a value of €256,221. At the end of trading, bids for 1,400 shares were at €4.355, while the best offer for 2,600 shares stood at €4.42.

GO plc stayed positive, although the advances were minimal; after gaining half a cent on Monday to €3.135, it picked up another 0.005 on Tuesday, closing the week at this level for a minimal 0.3% increase on the week. Turnover for the week totalled 41,125 shares for a value of €128,834. At the end of trading, best bids totalled 400 shares at €3.10 with a supply of 9,000 shares at €3.14.

FIM opened higher, advancing to a new 2007/8 closing high of $2.055 on the back of the excellent results declared on Monday morning but was back down to $2 on Tuesday. It maintained this price till Friday when it burst into action as a considerable surge of activity took the price back up to $2.05. The day's volume exceeded 201,000 shares. When added to the rest of the week's 334,469 shares, FIM was decidedly the most heavily traded equity for a turnover value of €709,587 - 40% of the week's total turnover by value.

On Monday, FIM published the group's consolidated financial statements for the year ended December 31, 2007. The operating profit increased by a spectacular 136%, from US$2.13 million to US$5.02 million. This, in turn, made for a brilliant increase of 106.5% in pre-tax profits to US$9.66 million, with the basic earnings per share increasing from 8.83 US cents to 11.82 US cents - a 33.9% jump. The board will be recommending the payment of a scrip dividend of US$4.18 million, i.e. 3.80232493 US cents per ordinary share. Shareholders on the books on March 13, 2008, i.e. those who buy by tomorrow's trading, will be entitled to this dividend. The attribution price for calculating the scrip dividend will be calculated after next Thursday. The board will also be recommending a one-for-five bonus share issue to shareholders on the register on the same dates.

IHI only traded on Thursday, but the week's volume was a more than respectable 201,921 shares. The large bulk of the day's trades were carried out at €1.001, rising to €1.035 in final deal thus ending the week 3.4% up - the week's top performer.

Three equities, Lombard Bank plc (LOM), Middlesea Insurance plc (MSI) and SFC only traded on Wednesday: the first two were stable at €13 and €3.60 on low turnover. SFC, on the other hand, gained 3.2% to €2.45, although also on low turnover of two trades totalling 3,817 shares.

Maltapost plc (MTP) traded at 70c throughout the week with all 81,278 shares traded at this level.

Crimsonwing plc was the week's worst casualty, first losing 3c5 to 55c on Tuesday and then dropping another 1c1 to 53c9, to end the week 7.9% down on a total turnover of 25,896. On Tuesday, CW announced that with effect from February 14, 2008, Tom Meeham was appointed an executive board member.

6PM plc's first deal for 2008 was struck last Tuesday with 1,000 shares changing hands at 72c9, just 0.1% lower than the previous deal struck on November 29, 2007.

On Monday, Grand Harbour Marina plc announced that the board of directors was scheduled to meet last Friday to consider and approve the final audited accounts for the financial year ended December 31, 2007, and consider the declaration of a dividend to be recommended to the annual general meeting.

On Wednesday, Datatrak plc announced that the extraordinary general meeting (EGM) which should have been held last month was postponed. The board met last Friday to discuss the resolutions to be placed before the EGM.

In the Government Bond market, turnover by value reached €1.90 million with 46 deals struck in 15 stocks. In the corporate bond market, there were 44 deals for a total turnover value of €381,411. Turnover value in the Treasury Bill market totalled €728,698.

This report was provided by J.G.P. Bonello, managing director of Financial Planning Services Limited, of Marina Court, G. Cali Street, Ta' Xbiex, which is licensed by the MFSA to provide investment services, including stockbroking (IS/3608). The company is involved in acting as sponsoring stockbroker and corporate stockbroker. The directors or related parties, including the company and their clients, are likely to have an interest in securities mentioned. E-mail: info@bonellofinancial.com or 2134 4243.