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BUSINESSTODAY 24 September 2020

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€1.50 THURSDAY 24 SEPTEMBER 2020 • ISSUE 76 WWW.BUSINESSTODAY.COM.MT PAUL COCKS FARSONS Group registered a 31% drop in turnover in the first six months of 2020 when compared to the same period last year, due to the onset of the COVID-19 pandemic. And, according the Group's Financial Analysis Summary published yesterday by Rizzo Farrugia Stockbrokers, the Board is expecting a chal- lenging second half of the fi- nancial year and believes that further reduction in consum- er demand together with po- tential reduction in spending power will continue to impact negatively its profitability. Norman Aquilina, CEO of the Group, said that this fi- nancial period got off to a strong start with turnover and profits in the month of Feb- ruary exceeding those of the previous year by 10%. PAGE 2 Editorial PAGE 5 THE FINCEN FILES: AN IMPORTANT CONVERSATION Farsons Group H1 turnover takes €31 million hit due to COVID-19 PAGE 3 PAGE 3 BOV charge applicable only on combined average book balance New €10 charge introduced this month draws customers' ire • BusinessToday looks into when charge is actually applied Group ends with a net profit of €1.6 million for the six-month period following measures introduced by management Accountant fined €150,000, gets 10-year ban for offering investment services without a license SAVINGS ACCOUNTS WITH LESS THAN €200

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