Issue link: https://maltatoday.uberflip.com/i/554768
maltatoday, WEDNESDAY, 12 AUGUST 2015 17 Events Grand fund raising event for three charities at SmartCity Malta THREE Maltese charities, namely Cystic Fibrosis, Inspire and Ra1se are set to benefit from the proceeds of a grand charity event being held on Saturday, September 5 at the Laguna Walk at SmartCity Malta. Entitled 'One for all and all for one', the event is the brainchild of Nadine Busuttil and Patricia Tabone, who, together with the management team of SmartCity Malta, Inspire Foundation Pres- ident, Nathan Farrugia, Ra1se Foundation founder, Julian Az- zopardi and Cystic Fibrosis Mal- ta, spokesperson, Josette Fal- zon, are putting together what promises to be an unforgettable evening against the background of Malta's unique dancing foun- tain at Laguna Walk. The event kicks off at 8pm with a unisex fashion show which will see the participa- tion of a number of high street brands including Max Mara, Massimo Dutti, Monsoon and Accessorize and SYL amongst others. The fashion show will be followed by a reception together with live entertainment from a local band and some of Malta's best DJs. Speaking about the event, Na- dine and Pat said that "we are proud to have brought together three of Malta's leading chari- ties under one roof in an effort to raise funds for their individ- ual needs. Together we will be working hard to host one of the most memorable entertainment events of the summer, where our guests can enjoy themselves whilst contributing to the three causes. Together with the NGOs we will be teaming up with a number of corporate sponsors who have committed their sup- port to this worthy initiative." SmartCity Malta, CEO, An- thony Tabone said that, "our support to the 'One for all and all for one' initiative forms part of our corporate social respon- sibility programme to assist those disadvantaged members of our community. We welcome such initiatives at our premises, as given its spectacular setting, Laguna Walk has been created with such events in mind for the benefit of the local community." Left to right, top: Nathan Farrugia, Josette Falzon, Julian Azzopardi. Left to right, bottom: Nadine Busuttil and Patricia Tabone GO reports 41 per cent increase in profitability during first half of 2015 DURING the six month period ending 30 June 2015, GO increased its operating profit by €4.0 million (41.4 per cent) to €13.7 million, when compared to the same period in 2014. This improvement in prof- itability was achieved thanks to sta- ble revenues of €60.7 million (2014: €60.8 million) and improved cost management. During the first half of the year, GO continued to experience growth in a number of areas, particularly mobile services and data centre business. Retail revenues were posi- tive, based largely on the continu- ing strong take up of Limitless mo- bile plans and Limitless Homepack, which also contributed to further overall growth in GO's client base, which continues to stand at more than 500,000 connections. These positive trends compensated for a decline in wholesale revenues, a di- rect consequence of regulatory de- cisions. Revenues from traditional fixed-voice services also continued to decline. Yiannos Michaelides, CEO at GO plc, said, "This set of impressive half yearly results continues to give us the confidence that the strategy GO is pursuing is the right one. Our ability to satisfy all the telecom- munication needs of households and businesses remains key to our success. Our straightforward Lim- itless propositions, which we have further improved in 2015, will con- tinue to be popular with custom- ers and drive growth. At the same time, GO will later this year launch 4G and continue to invest in Fibre- To-The-Home, further enhancing its position as the leading 4P player in Malta. GO will also continue to invest in its leading data centre business. These investments, to- gether with the ongoing review of processes aimed at improving serv- ice to customers and improved cost management have also contributed significantly to delivering this ex- cellent result. Despite the fierce competition, regulatory pressures, and the systemic declines in some areas of our business such as fixed telephony, GO has continued to perform exceptionally well and for this I must thank all our employees for all their hard work and our cus- tomers for their loyalty." During the first six months of 2015, cost of sales and adminis- tration costs excluding costs of an unusual nature, size or incidence, namely voluntary retirement costs and pension obligations, amounted to €47.4 million. This represents a decrease of €2.3 million over the comparative period. Whilst the Group successfully pursued cost reductions in most areas, it also experienced increased incidence of costs in certain areas particularly those directly related to sales activ- ity. Operating profit before costs of unusual nature, size or incidence, amounted to €14.1 million, an in- crease of €2.3 million (19.7 per cent) over the operating profit of €11.8 million achieved in the comparative period. Profit before tax increased by €4.5 million (53.0 per cent) from €8.5 million in 2014 to €13.0 mil- lion in the first half of 2015. Cash generation from operations remained healthy and amounted to €22.7 million (2014: €18.4 mil- lion) whilst as at 30 June 2015 the Group's borrowings net of cash holdings amounted to €43.5 mil- lion, an increase in net debt of €2.1 million over December 2014. An increase in net debt is normal dur- ing the first half of the year and is directly related to the payment of a net dividend of €7.0 million (€0.07 per share). Deepak Padmanabhan, Chairman at GO plc, said, "GO's performance is exceptional when benchmarked against the current norm for the tel- ecommunications industry where most operators report declining revenue and profitability. These results have been achieved because GO has pursued a clear strategy of revamping its product portfolio, enhancing customer experience and driving efficiency. Combined, these have placed GO in a strong position to look to the future with confidence." Parents go the extra mile to offer children the best career opportunities HSBC'S new report Learning for life, the second in The Value of Education series, reveals that 47% of parents think it will be harder for their children's generation to find a job after finishing education than it was for their own genera- tion. In order to increase their chil- dren's chances of standing out from their peers, parents are considering topping up a domestic university education – and are willing to pay more for it. Paying the premium for an international education The study of over 5,550 parents in 16 countries found that to give their child a head start in the job market 77 per cent of parents would con- sider sending their child abroad for either an undergraduate or post- graduate education. Aspirations for an international university education are highest in Asia: parents in Malaysia (80%) Hong Kong (74%), Indonesia (74%) and Singapore (74%) are most likely to consider sending their child to university abroad for undergraduate study. An even higher proportion of Asian parents would consider a university abroad for a postgradu- ate course, with this popular in In- dia (88%), Turkey (83%), Malaysia (82%) and China (82%). Recognising that international education comes with higher costs, the Learning for life study shows that parents would consider pay- ing more for a university education abroad than for a domestic one. Forty five per cent are prepared to pay at least a quarter more, while 24% are willing to pay 50% more. The reports also reveals that the cost of an international university education is the main barrier for parents who would not consider this option, with 34% saying that they would like to send their child to study at university abroad, but can't afford it. Giving an extra boost Another way parents choose to boost their children's achieve- ment potential is through extra tuition; 78% of parents have paid or would consider paying for ad- ditional tutoring during their chil- dren's education. This proportion is even higher in Asia with parents in China (93%), Indonesia (92%), In- dia (89%) and Malaysia (88%) most likely to consider funding extra tui- tion. Additional tutoring is less popu- lar with parents in developed economies. Only around a quarter of parents in the USA (26%), UK (23%) and Canada (23%), and one in five parents in Australia (21%) and France (20%), have paid for addi- tional tutoring for their child. Cost is a barrier for nearly one in five (19%) parents who are not con- sidering additional tutoring. This is particularly true for parents in the UK (36%), Turkey (32%), France (31%) and Australia (30%). Charlie Nunn, Group Head of Wealth Management, HSBC, com- mented: "Many parents recognise that it is more challenging than ev- er for younger generations to com- pete in the job market – and they are willing to help their children boost their opportunities for suc- cess by funding educational extras such as going to university abroad or additional tutoring. "However, these opportunities come with additional costs, and to ensure they are able to offer this ex- tra help, parents should start plan- ning and saving for their children's education early, to ensure that the ambitions they have for them turn into reality."