Listed companies report interim results

MSE Trading Report for week ending September 2, 2016

The MSE Index partially erased last week’s positive performance having declined by a mere 0.1 per cent, to close at 4,462.634 points. Turnover amounted to €1.4m spread across 15 equities of which gainers and losers tallied at five and another five closed unchanged. The MSE index registered a decline of 0.68 per cent in August but is still in positive territory year-to-date.

Medserv plc shares headed the list of fallers having declined by €0.15 or 9.1 per cent across 25 trades of 152,739 shares, to close at €1.50 – also registering a 16.7 per cent loss in August. Likewise, MIDI plc (MIDI) shares declined by 4.1 per cent across three trades of 12,000 shares, to close at €0.35 – having recording a 7.7 per cent decline in August.

MIDI reported a loss before tax of €1.1mfor the six months ending June 30, 2016, compared to a loss of €0.6m registered in 2015. Revenue for the period under review amounted to €3.9m – a decline of 41 per cent from 2015.Sales of property during the relevant period were limited to the last Q1 apartment – the rest had already been closed throughout 2015). Lossper share stood at€0.004.  The figures in the interim results of 2015 were significantly impacted by an aggregate net tax credit of €3.9m, which was due to a change in the final tax on transfers of immovable property.  Consequently, this was a one off net tax credit which was not repeated in the 2016 financial results.

In the banking sector Bank of Valletta plc shares oscillated between a weekly high of €2.25 and a low of €2.22, to ultimately close at their high. The banking equity witnessed 24 trades of 53,292 shares and gained 0.9 per cent on the week. Similarly, HSBC Bank Malta plc shares edged 0.6 per cent higher as 16 deals of 71,230 shares were struck, closing at €1.60.

FIMBank plc shares closed unchanged at $0.975 across 18 transactions of 258,115 shares. On a similar note, Mapfre Middlesea plc shares traded flat at €2.10 as 984 shares changed ownership over two deals.

Grand Harbour Marina plc shares fell by €0.03 or 3.3 per cent across five deals of 9,492 shares, to close at €0.87. The Group announced that it had registered a profit before tax of €0.4mfor the six months ending June 30, 2016, compared to €0.1m registered in 2015. Revenue for the period under review amounted to €2.1m – a rise of 15.6per cent from 2015. Earnings per share increased to €0.01. The Board of Directors declared an interim dividend of €0.024 per share, payable on September 13, 2016 to shareholders on the register of members on the September 7, 2016.

On a positive note, GO plc shares appreciated by 1.6 per cent as 16 trades of 50,400 shares were negotiated, to close €0.05 higher at €3.10.  Meanwhile, Malta Properties Company plc shares partially erased last week’s gains having declined by 3.6 per cent, closing at €0.54.

Simonds Farsons Cisk plc shares rose by €0.10 or 1.6 per cent over eight deals of 7,600 shares, to close at €6.50. Conversely, RS2 Software plc shares fell by 3.8 per cent as 18 trades of 108,627 shares were executed, closing €0.07 lower at €1.78.

International Hotel Investments plc (IHI) shares closed unchanged at €0.64, despite reaching a weekly low of €0.616. The hoteliers’ equity was active on nine deals of 27,201 shares. On Wednesday, IHI announced its half-yearly report for the period ended June 30, 2016. The Group registered a profit before tax of €1.8m, compared to the loss of €2.1m in 2015. Revenue for the period under review increased by €15.4m to €70.8m – a rise of 28 per cent from the comparable period in 2015. The increase in revenue was mainly due to the consolidation of Island Hotel Group Investments Holdings plc which was acquired last semester. Earnings per share increased to €0.003.

Tigne Mall plc shares fully recouped last week’s losses having increased by two per cent over three trades of 3,100 shares, closing at €1.04.

Malta International Airport plc shares closed the week unchanged at €4.24 as 10 transactions of 43,883 shares were negotiated. Likewise, Malita Investments plc shares traded flat at €0.87 over three deals of 55,000 shares.

GlobalCapital plc published the half-yearly report for the six months ended June 30, 2016. The Group reports a profit before tax of €1.9m – up by 56.9 per cent from the comparable period of 2015. This performance was attributed to stable growth in new business generation and the introduction of operational efficiencies. Earnings per share stood at €0.037. The Directors did not recommend the payment of an interim dividend. The equity rallied by 42.6 per cent in August as 26,593 shares changed hands.

In the corporate bond market turnover amounted to €1.4 m spread across 36 issues of which 11 declined, 10 advanced and 15 closed unchanged. The 4% IHI plc Secured € 2026 was the most liquid issue having witnessed a turnover of €425,923, to close 0.01 per cent higher at €103.59.

In the sovereign debt market 23 issues were active of which 16 fell and seven increased. Turnover totalled to €13.8m. The long-dated 2.4% MGS 2041 (I) r headed the list of gainers and was also the most liquid, having appreciated by 0.4 per cent on a turnover of €7.7m, closing at €106.40 – 4.6 per cent higher than its issue price.