RS2 profits surge by 32% in first half of 2010

The announcement was filed at the Malta Stock Exchange (MSE) late last night by company secretary Ivan Gatt. The company’s board of directors yesterday also approved the company’s financial statements for the period covering 30 June 2010.

The board has also recommended that no interim divided will be paid.

The company’s net profit margin after taxation also improved by 2% in the first six months of 2010, reaching 11%, compared to 9% in 2009.

Total revenues generated by RS 2 during the first six months of 2010 reached €2,839,592, representing an increase of 6% over the same period of last year.

However, the group’s profitability has been reduced to €137,555 from the Company’s overall profit for the period of €325,737 in view of the operations of its subsidiary company Transworks in the United States (US).

The company explained how the subsidiary was “still in its early years and actively working to secure new business”.

EBIDTA and earnings per share for the RS2 group at the end of June 2010 stood at €471,207 and €0.008 respectively, when compared to EBIDTA of €593,415 and earnings per share of €0.009 for the company.

Notwithstanding the recent and ongoing instability in the global market, The company reported that it had “slightly improved” its performance during the first half of 2010 when compared to the first months of 2009.

During the first six months of 2010, the company had managed to further increase its client base and saw a “general improvement” in the extent of services requested by its clients.

Through its marketing efforts overseas and continued investments in subsidiaries, banks in various regions were showing positive interest in BANKWORKS “with prospective clients in the pipeline”, the company directors explained in its interim statement.

“Although we remain cautious in our expectations, we are confident that this level of performance can be maintained throughout 2010,” they insisted.