MaltaPost plc – Interim Directors’ Statement

MaltaPost p.l.c. announced that during the financial period commencing on October 1, 2013 up to February 11, 2014, no material events and/or transactions have taken place that would have an impact on the financial position of the Company such that they would require specific mention, disclosure or announcement pursuant to the applicable Listing Rule.

Overall, the financial performance for the relevant period remained broadly unchanged when compared to that of the corresponding period last year. The Company’s turnover registered a satisfactory increase even though, in line with expectations, Letter Mail volumes remain on a downward trend. The increase, in turnover, has been partially offset owing to wage increases, inflationary pressures and higher cross-border mail delivery cost.

Looking ahead, the company remains focused on improving revenue and profit growth through product and service diversification and by seeking opportunities arising from the structural trends in e-retailing. The revision of certain tariffs with effect from January 1, 2014 is expected to contribute towards mitigating the continued decrease in Letter Mail volumes. However, the main objective underlying such tariff revisions is to alleviate some of the pressures on the realistic sustainability of the Company’s Universal Service Obligations. The company continues to maintain an open dialogue with the Malta Communications Authority to ensure that the Company can continue to reasonably and realistically fulfill its obligations.

To view the official company announcement, click here.