Maltapost registers €3.05m pre-tax profit

This was principally due to a positive movement in foreign exchange exposure in 2010 which was not repeated this year. Earnings per Share stood at €0.06 (2010: €0.07).

Turnover increased by 4.9% from €20.40 million to €21.40 million. This was the result of a continued increase in cross-border traffic volumes and mailhouse logistics services. However, traditional mail volumes remain on a downward trend.

Expenses increased by 6.6% to €18.64 million (2010: €17.49 million), principally due to higher cross-border mail volumes.

Cost-to-Income ratio stood at 87% which is comparable to industry standard, while total assets increased by 30.7% to €27.47 million following the purchase of the Head Office property in Marsa.

Shareholders' funds increased by 12.4% to €14.53 million.

The Board of Directors is proposing a final net dividend of €0.04 per nominal €0.25 share for approval at the Annual General Meeting which is due to be held on 17 January 2012.

"Despite the considerable challenges posed by the unstable economic climate and the constant upward pressure on operating costs, MaltaPost has maintained a solid level of underlying profitability. The Board of Directors is confident that the company is, nevertheless, well-prepared to face challenges from a rapidly evolving market and will continue to strengthen its presence in the postal and logistics market," the firm said in a company announcement.