Profit warnings from banks

In recent weeks, the number of company announcements issued by companies listed on the Regulated Main Market of the Malta Stock Exchange increased substantially. Many announcements by both equity and bond issuers related to the COVID-19 pandemic and how this is impacting the various aspects of their business. Moreover, these announcements in the main also coincided with the annual financial reporting season for most companies due to their financial year ending in December.

As such, apart from the COVID-19 updates, most equity and bond issuers also published their 2019 annual financial statements over recent weeks except for those companies such as International Hotel Investments plc and Medserv plc that required an extension in line with the Public Statement issued by the European Securities and Markets Authority on March 27, 2020 (regarding publication deadlines under the EU Transparency Directive) and the circular issued by the listing authority on the same subject matter.

Last week, the two major retail banks also issued their interim directors’ statements to update the market on their financial performance and business trends during the first quarter of the year. As...