MSE Index closes May margi

The MSE Equity Total Return Index fell by a minimal 0.85 per cent in May, partially erasing April’s 6.73 per cent gain, to close at 8,213.194 points. Activity was spread across 25 equities, of which 13 fell and 11 gained ground – amounting to a turnover of €3.1 million.

Malta International Airport plc (MIA) shares were heavily

traded across 210 deals of 202,641 shares, closing €0.70 or 13.7 per cent higher at €5.80. Passenger numbers suffered a 99.64 per cent drop in April when compared to the same month last year. This was in parallel with drops of 94.3 per cent in aircraft movements and 98.35 per cent in seat capacity. Seat load factor stood at18.8 per cent.

During April, there were 73 repatriation flights to and from eight countries including the United Kingdom, Germany, Italy and the Netherlands. Moreover, flights carrying freight registered a 39.8 per cent increase over the same month in 2019 to total 186 aircraft movements.

Meanwhile, passenger traffic registered a decline of 16.1 per cent for the first quarter of 2020, over the same quarter in 2019. Consequently, the group’s revenue during the first three months dropped by 17.5 per cent to €12.8 million, when compared to the same quarter of 2019. Following the implementation of cost-cutting measures, total operating expenditure also decreased from €8.3 million to €7.8 million in Q1 2020, representing a drop of 5.9 per cent. The group’s capital expenditure for the first quarter of the year totalled €1.8 million.

International Hotel Investments plc (IHI) shares fell by 2.5

per cent – following a 12.2 gain in April. The hoteliers’ equity was negotiated across 38 transactions of 634,980 shares, and closed at €0.585.

IHI announced that given the current outlook, the scaling down process of the operations of the Azure Group has run its natural course, and a liquidation process has commenced. The company ensures that this is conducted in an orderly manner, and that timeshare owners will continue to enjoy the same service and benefits as they have for the past years.

IHI owns 50 per cent of the Golden Sands Resort and the Azure Group. The remaining half is owned by international investors specialising in timeshare resort operations. The shareholders remain committed to the future of the Golden Sands Resort as a high-end luxury destination.

Meanwhile, IHI issued a company announcement regarding Hal Ferh in Golden Bay. The company holds title by way of a perpetual emphyteusis acquired from the Government in 2009, limiting development to a footprint of 20 per cent of the site’s overall area.

Upon taking over the site in 2015 as part of the acquisition of the Island Hotels Group, it had declared its intention to re-design the development, whilst retaining the limitations on the overall footprint and volumes, as also a maximum height of two floors for half the buildings, and one floor for the rest. IHI intends to pursue an upmarket lowrise mixed development focused principally on a luxury hotel and spa complemented by serviced villas and bungalows.

Bank of Valletta plc

shares declined by 2.9 per cent, over 72 trades of 238,518 shares, to close €0.03 lower at €1.02. Meanwhile, HSBC Bank Malta plc shares edged 2.9 per cent, as 39 deals of 76,299 shares were executed, closing at €0.99.

FIMBank plc

shares fell by 14.9 per cent, as 275,528 shares changed ownership across 12 transactions, to close $0.07 lower at $0.40. FIMBank verified that it is a co-borrower with Phoenix Commodities and with Phoenix Global DMCC. Phoenix Commodities, being the holding company, has recently entered into liquidation.

The bank’s assessment of net exposure towards the Phoenix Group is $8.5 million, and in this early stage, the bank is evaluating its legal position and implementing all risk mitigants, which have been created when establishing the facility in discussion.

Lombard Bank Malta

plc

shares increased by €0.06 or 3 per cent, across eight deals of 60,000 shares, closing the month at €2.06. The bank announced its interim directors’ statement and COVID-19 update. Net interest income declined marginally due to higher interest payable on increased volumes of customer deposits and pressure from negative interest rates on excess liquidity. Fees and commissions also decreased, as the second quarter progresses. Likewise, transaction banking activity and international payments experienced lower volumes.

Meanwhile, costs remained well under control and in line with expectations. Net loans and advances to customers remained virtually unchanged and customer deposits continued to increase since the end of the previous year. The bank maintains a strong total capital ratio, which is well above the minimum regulatory requirements.

The bank’s balance sheet remains strong, with total assets at the same levels of the previous year, while healthy liquidity ratios continue to be actively managed and monitored. The loans to deposits ratio stands at a prudent 59 per cent.

MaltaPost plc shares slipped by 2.5 per cent, over six transactions of 30,565 shares, closing at €1.17. The company registered a profit before tax of €1.41 million for the half-year ended March 31, 2020, which is close to the previous year’s figure of €1.37 million. Total revenue was up by 1.18 per cent, as it amounted to €17.2 million, following the local tariff revisions and increased parcel businesses.

The company’s expenditure remained relatively unchanged at €15.9 million, translating into a one per cent increase. Meanwhile, the cost to income ratio improved to 92.1 per cent from 92.5 per cent registered during the same period last year. The shareholders’ funds remained stable at €26.3 million – equivalent to a €0.6 million decline.

Main

plc,

Street Complex

Centres plc

plc

shares increased by 10.2 per cent, across 13 deals of 137,395 shares, to close at €0.496. Meanwhile,

shares advanced by one per cent, as 86 shares changed hands over one trade, closing May at €0.98.

Tigne Mall plc

Plaza

shares fell by €0.07 or 8.2 per cent, over three transactions of 7,998 shares, to close at €0.78.

The insurance and investments services provider

appreciated by 43.5 per cent

GlobalCapital

on two trades of 29,055 shares, closing €0.10 higher at €0.33. The group recorded a 75 per cent increase in pre-tax earnings, amounting to €2.1 million for the year ended December 31, 2019. An increase in the fair value gains on investment property was recognised, which amounted to €0.5 million compared to an increase of €1.7 million in 2018. The net gain on financial investments recorded in the 2019 income statement amounted to €2.1 million versus the net loss of €2.3 million sustained in 2018.

The group’s assets were up by 11.5 per cent to €153.7 million in 2019 while shareholder funds also increased by 5.8 per cent, versus a 1.3 per cent increase registered in 2018. The net asset value at end of year stood at €19.5 million, translating into a 5.4 per cent increase from the previous year’s figure. The directors did not recommend the payment of a dividend for 2019, as the company had no distributable reserves at the end of the reporting period.

In the same sector, Mapfre Middlesea plc shares increased by 0.9 per cent, across six deals of 11,042 shares, to close at €2.28.

The telecommunications services provider GO plc, registered a de