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2 NEWS 24.09.2020 Malta Freeport Terminals completed 9,000 container moves on the CMA CGM Calcutta - a remarkable 147 moves per hour – making it the second biggest ever operation on a single vessel at our terminals. Malta Freeport Terminals CEO Alex Montebello said: "This achievement confirms Malta Freeport's status as a leading Mediterranean hub which consistently reaches outstanding performance levels. The significant investment we have undertaken in infrastructural development, equipment, digitalisation and ongoing personnel development are enabling us to raise the bar and exceed our clients' expectations. A big thank you goes to our dedicated staff who meet each challenge with commitment and enthusiasm." Five quayside cranes were deployed to carry out the operation on the vessel, that can carry up to 10,100 TEU containers, which berthed immediately on arrival and is now proceeding to the port of Beirut. Malta Freeport recently invested over €30 million in new equipment and this year upgraded its Navis N4 operating system to version 3.7 to enable the terminal to move towards a semi-automated operation. Malta Freeport provides global weekly network connections to over 100 ports. Left: CMA CGM Calcutta at Malta Freeport Malta Freeport completes 9,000 container moves on single vessel FROM PAGE 1 "However, the onset of the COVID-19 pandemic and the regulations that ensued were very quickly reflected in the business performance across the Group," he said. Turnover fell precipitously across all business lines as con- sumer demand for food and bev- erage products declined. is de- cline was particularly acute in the bars and restaurant sectors when these were ordered to close by government regulation. In April 2020, the first full month impacted by COVID-19, saw the Group's turnover fall by 55%. At that time, all mass events were cancelled and the airport was closed down, effectively also shut- ting down the tourist sector over that period, badly impacting the hotels sector. 'Competitive market pressures also became more pronounced as all businesses strived to retain their market positions and man- age inventory levels," Aquilina said. "Inevitably, these increased market pressures resulted in a fur- ther compression in gross margins across the Group." Turnover for the six-month pe- riod to 31 July 2020 amounted to €36.8 million compared with €53.3 million for the same period last year – a decrease of 31%. Group Chairman Louis A Far- rugia said the mitigating meas- ures implemented by the Board and management were pivotal in safeguarding jobs as well as the Group's own financial integrity. "e Board and management's immediate focus to curtail certain operational and administrative costs, re-visit ways of working, whilst at the same time re-evalu- ating planned capital investments programmes were, and continue to be, critical measures for the protection of employment, com- mercial viability and safeguard- ing the financial integrity of the Group," he said. e cost cutting measures im- plemented across the Group en- abled Farsons to register a net profit of €1.6 million for the six month period. e Group and its employees benefitted from the support extended by Government during the period. is result is of course a signif- icant reduction from the profit after tax registered in July 2019 of €6.4 million. e reduction of 75% in the Group's profits was ex- perienced across all business lines. e Group expects the high lev- el of dislocation and disruption brought about by the COVID-19 pandemic to persist over the com- ing months, and so the uncertain- ty that has come in its wake. e Board of Directors and Management are committed to continuing to implement such further measures as are necessary to safeguard the Group's presence in the market, to protect the work force and to secure the financial viability and integrity of the busi- ness. "e global economic downturn brought about by the onset of the pandemic is evident – yet the fu- ture remains uncertain," Aquilina said. "e immediate future is far from clear and forward visibility for business planning purposes re- mains poor. Agility in responding to fast moving events will be key." e forecast for the second half of the year, based on observed current trends, is anticipated to generate a slight improvement in the profit levels reported for the first half of the year. e Board of Directors decided that, 'in the difficult and uncertain environment', it would not be ap- propriate to declare the payment of an interim dividend. Farsons reports subdued profits in a COVID-19 environment

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