Issue link: https://maltatoday.uberflip.com/i/1513149
4 NEWS 7.12.2023 MALTA Freeport Terminals performed a staggering 14,600 moves on the CMA CGM mega containership Palais Royal in a record-breaking feat for the fa- cility. e LNG-powered, 400-me- tre-long vessel – capable of car- rying 23,000 TEU containers – sailed into Malta Freeport on December 6 and is currently en route to Marseilles - the head- quarters of CMA CGM Group, the third largest shipping line in the world and also one of Malta Freeport's shareholders. Freeport CEO Alex Montebel- lo said: "I am immensely proud of my colleagues for pulling off this feat, which required a great deal of planning, skill, commit- ment, and determination. "is achievement is a testa- ment to the Freeport's ability to handle the world's largest con- tainer vessels with extreme care and maximum efficiency. We thank CMA CGM for entrust- ing us with this mission." Malta Freeport Terminals, which has invested more than €320 million in infrastructure, new equipment, and technology, currently offers services to 115 ports worldwide – more than 50 of which are in the Mediterrane- an – on 15 mainline services and several feeder routes operated by major shipping lines. e behemoth CMA CGM Palais Royal, built in 2020, is an LNG powered vessel and incor- porates many advanced features in propulsion hull and opera- tional designs to improve effi- ciency and reduce emissions. Malta Freeport achieves record number of moves on mega vessel The CMA CGM mega containership Palais Royal FROM PAGE 1 e group's board of directors had previously approved the unaudited Half-Yearly Finan- cial Report under accounting standard IFRS 4 , as announced in a public announcement dated 31 August 2023. at Half-Yearly Financial Report was subsequently revised and updated in accordance with the requirements and terms of ac- counting standards IFRS 17 and IFRS 9. is has resulted in a change to the profit after tax for the Group from €901,323 report- ed under the IFRS 4 account- ing standard, to a profit after tax for the Group of €209,984 under the IFRS 17 accounting standard. e change is exclusively due to the different treatment of certain figures between the two accounting standards includ- ing in particular the Value of In-Force business of LifeStar Holding, which under the IFRS 4 accounting standard used to be reported onto the face of the profit and loss statement under LifeStar Holding plc. e IFRS 17 accounting standard has eliminated the concept of Value of-in-force Business, resulting in changes to the figures reported within the financial statements. e change in accounting standards has resulted in a net adverse movement of €613,397 in terms of profit after tax for the Group from the accounting standard IFRS 4 to the accounting stand- ard IFRS 17. e main contributors to these results for the first six months of the year are: LifeStar Insurance plc • LifeStar Insurance plc registered a profit before tax of €646,327 when compared to a revised loss, under IFRS 17, of €2,802,265 during the six month period to 30 June 2022. • e insurance service re- sult registered a loss of €205,444 when compared to a revised loss of €226,435 for the period ending 30 June 2022. LifeStar Health Limited • LifeStar Health Limited registered a profit before tax of €469,229 when compared to €432,382 in the comparative period or an increase of 8.52% year-on-year. • Commissions earned from normal operations increased by 16.7% when compared to previous period to close off at €652,923. • Total Commissions receiv- able increased by 10.4% when compared to the previous peri- od to close off at €1,168,569. • Total indirect costs de- creased by 8.9% over the same period last year. • Operating profit before depreciation increased by 8.3% when compared to the previous period to close off at €460,240. GlobalCapital Financial Management Limited • GlobalCapital Financial Management Limited reg- istered a loss before tax of €83,557 when compared to a loss €293,533 in the compara- tive period. • Total revenue has de- creased by €105,122 when com- pared to the previous period last year mainly due to the sale of the retail book which is near- ing its total completion. • Total direct costs have re- duced by €89,104 due mainly to the sale of the retail book. • Total indirect costs have similarly reduced by €77,605 or 22.9% when compared to the same period last year. e Directors did not recom- mend the payment of an inter- im dividend. LifeStar adopts IFRS 17 and IFRS 9 accounting standards APS Bank donates IT equipment to MCAST students APS Bank demonstrated its commitment to education by donating a substantial quan- tity of unused IT equipment to benefit students enrolled in IT courses at MCAST. is initiative provides students with hardware for hands-on learning experi- ences and practical skills practise while significantly minimising electronic waste. e collective effort behind this donation involved col- laboration among the Bank's IT, CSR, and Support teams, working together to facilitate this impactful contribution. Dione Stephan Gravino, Head of IT Infrastructure & Operations at APS Bank, stated, "We take pride in supporting the educational pursuits of students within our community. is do- nation signifies APS Bank's dedication to fostering edu- cational growth and techno- logical advancement among students, aligning with our vision to be the community Bank in Malta." The equipment donated by APS Bank will benefit students enrolled in IT courses at MCAST