Poste Italiane – net profits down nearly 10%

There has been in increase in profits and in revenues for Poste Italiane for the first half (H1) of 2017. Consolidated revenues were up 2% to €18bn and its operating profits are up 0.5% to €847 million. Net profits were down 9.7% to €510 million.

In a statement, Matteo Del Fante, Chief Executive Officer and General Manager, said: “The results approved today are showing a growth both in revenues and operating profit, highlighting an acceleration compared to the first quarter of the year.

“In particular during the second quarter, the Group recorded an important 7% growth in sales that has more than compensated the decline in the previous quarter.

“At an operational level the result is substantially in line with the first half of 2016; however please bear in mind that in the first half of 2016 benefitted from a one-off capital gain related to the Visa Europe disposal. Furthermore please note that in the first half of the year the Group has recorded some write-offs; net of these one-off effects operating profit would have been equal to €912m, recording a 26% increase when compared to the previous period the year before.”

Poste Italiane’s Postal and Busines Services division had market revenues fall by 3.8% to €1.8bn and total revenues fell by 1.4% to €4.27 billion.

Poste Italiane commented: “The fall in market revenues from mail volumes (-6.7% compared with the first half of 2016), is linked to the expected drop in the volume of postal products (-9.6%), though smaller than the 2016 trend compared with the same period of 2015 (-10.3%).

Poste Italiane concluded, “Combating the slide in revenues, besides the new tariffs and the development of the parcels segment, are the measures taken to improve the quality of traditional postal services and the efficiency of the related operating processes.”
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