Daily Stock Market Review: BMIT reports slight drop in profitability

The MSE Equity Price Index slipped by 0.91% to 3,663.870 points as the declines in six equities offset the gains in Farsons and Harvest. Meanwhile, six companies closed the day unchanged as overall trading activity in equities improved further to €0.11 million.

Today, BMIT Technologies plc published its interim results showing a marginal drop in revenues to €12.6 million (H1 2021: €12.8 million) whilst net profit eased to €2.64 million compared to €2.75 million in H1 2021. The Directors explained that despite the prevailing economic challenges, the company managed to register a relatively positive performance driven by increased sales focus on cloud and managed services. BMIT reiterated its commitment to further investments in its infrastructure that will strengthen its position as one of Malta’s leading technology platforms and solutions providers. Indeed, BMIT is exploring opportunities that will leverage the company’s expertise in managing mission-critical technology and infrastructure. Moreover, BMIT will continue strengthening its diversification plans, both in terms of offering and customers. In fact, the company’s objective for market expansion within and beyond Malta...