Middlesea Insurance profits up 49%

Middlesea Insurance plc published the Abridged Financial Statements for the year ended December 31, 2004. These show a profit for the financial year figure of Lm1,583,391 (year ended December 2003 Lm1.1 million), an increase of 48.5 per cent. Total income from insurance activities amounted to Lm2,462,167 (year ended December 2003: Lm1.5 million); and earnings per share of 12c7 (year ended December 2003: 8c5). The board is recommending the payment of a dividend of 6c per share to all shareholders appearing on the register of shareholders as at the close of business on Tuesday, May 17.

In a separate company announcement, Middlesea Insurance plc announced that it has reached an agreement with Corporacion Mapfre S.A. to acquire their 38.97 per cent holding in Progress Assicurazioni S.p.A. which is an unlisted non-life insurance company based in Palermo and operating in Sicily and Southern Italy. Total consideration would not exceed €8.6 million. The financing of this investment has been attained through a long term arrangement with a leading local financial institution. Middlesea Insurance plc already holds a 51 per cent shareholding in the Italian company, which acquisition was made on August 8, 2000. Middlesea Valletta Life Assurance Co. Ltd holds an additional 10 per cent and the balance is held by individuals. Finally, the company also announced the resignation of John Camilleri as a director of Middlesea Insurance plc with effect from tomorrow.

Meanwhile, this week's trading in Middlesea Insurance plc shares opened at Lm3.111 and closed at Lm3.17, an increase of 1.9 per cent. Total volume transacted amounted to 6,234 shares changing hands in 15 deals.

In a company announcement issued on Thursday, Bank of Valletta plc published its interim financial statements for the six months ended March 31. These show a net interest income of Lm20,052,000 (six months ended March 2004: Lm18.4 million); operating profit of Lm9,006,000 (six months ended March 2004: Lm6.9 million) an increase of 30 per cent on the previous year's figure; profit attributable to shareholders of Lm6,805,000 (six months ended March 2004: Lm5.4 million); and earnings per share of 12c3 (six months ended March 20: 9c8). An interim dividend of 7c5 per share gross of tax has been declared in respect of the six months ended March 31, to be paid to all shareholders on the company's register following trading on May 5. The dividend will be paid on May 30.

Bank of Valletta shares opened the week at Lm5.09, went up to Lm5.12 during the week, before going down again to end yesterday's session at Lm5.05. Total turnover amounted to 35,474 shares changing hands over 59 deals. At the end of yesterday's session, bids for 200 shares at Lm4.95 and offers of 600 shares at Lm5.05 made up the best unsatisfied closing positions.

Trading in HSBC shares opened the week at Lm4.91 on Monday and closed yesterday's session at the same price. Total turnover amounted to 31,735 shares changing hands over 45 deals. During the week, trading ranged between Lm4.92 and Lm4.90. As yesterday's session drew to a close, 2,020 shares at Lm4.90 and 811 shares at Lm4.91 were the best unsatisfied bids and offers respectively.

Maltacom plc opened the week at Lm1.47 on Tuesday and closed the week's trading at Lm1.46 yesterday. Total turnover amounted to 8,703 shares changing hands over 11 deals. The week's trading ranged between Lm1.49 and Lm1.45. As yesterday's session drew to a close, best unsatisfied bids for 1,500 shares at Lm1.44 stood against best unsatisfied offers of 6,240 shares at Lm1.49.

In a company announcement issued by Malta International Airport plc, it was announced that by letter dated April 26, the company was informed that the government of Malta has decided to offer for sale on the Malta Stock Exchange 13,530,000 ordinary 'A' shares in the company. This transaction is envisaged to be completed before the end of 2005.

Simonds Farsons Cisk plc published the preliminary statement of annual results for the year ended January 31, 2005. These show a turnover figure of Lm26,781,000 (year ended January 2004: Lm24.7 million); gross profit amounting to Lm9,844,000 (year ended January 2004 Lm9.5 million) operating profit amounting to Lm1,334,000 (year ended January 2004: Lm1.8 million); profit on ordinary activities before tax amounting to Lm826,000 (year ended January 2004; Lm1.1 million); and earnings per share of 2c4 (year ended January 2004: 10c5). The board also recommends the distribution, out of tax exempt profits, of a final net dividend of 2c05 per share to ordinary shareholders on the register as at June 8, 2005. An interim dividend of 0c35 per share has already been distributed to ordinary shareholders.

In a company announcement issued on Wednesday, the board of directors of International Hotel Investments plc published the group's preliminary profit statements for the year ended December 31, 2004. These show a revenue figure of €46,623,923 (December 2003: €34.7 million), net loss after tax of €8,114,731 (December 2003: loss of €12.5 million); group's loss per share of €0c07 (December 2003: loss of €0c10).

Plaza Centres plc, announced that during its annual general meeting, held on April 26, 2005, the shareholders approved all the ordinary resolutions on the Agenda. Following the said meeting, the board of directors is now composed of Albert Mizzi (chairman), Peter Borg, Mark Gasan, Brian Mizzi, Adrian Strickland, Anne Marie Tabone and Gerald Zammit.

The other equities which traded during the week appear below, followed by the range in which trading took place: 1,136 Lombard Bank shares at Lm4.85; 500 Simonds Farsons Cisk shares at Lm1.16; 4,961 International Hotel Investments shares between €0.79 and €0.751; 131,132 FIM Bank shares between USD1.181 and USD1.18; 6,100 Malta International Airport shares between Lm1.26 and Lm1.25; and 2,694 Datatrak plc shares in a sole put-through trade.

Total Malta Government Stock turnover amounted to a nominal value of Lm820,100 being traded in 44 deals over 16 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm129,938.

The Malta Stock Exchange share index decreased by 21.911 points or 0.63 per cent over the week and now stands at 3,447.375.

Azzopardi Investment Management Limited and its directors have an interest in the listed companies mentioned and may have an interest in other securities, commodities or currencies mentioned.

Report by Azzopardi Investment Management Limited, tel. 2131 3100, fax. 2131 8897, www.azzopardi.com