Poste Italiane profits up strongly in Q1

Poste Italiane reports strong profit growth of 11.8% in the first quarter of the financial year. Operating profit hit €694m in the quarter on revenues of €3.0 billion (which grew by 1.4% compared to Q1, 2021).

Across its business interests, financial services led Poste Italiane’s profit growth, offsetting a fall of 2.0% in mail and parcel revenues as parcel volumes settled down after the pandemic spike.

Matteo Del Fante, Poste Italiane CEO and General Manager, commented: “Less than two months since we updated the Group’s strategy, these results represent the first building block towards a successful full year 2022.

Our diversified business model continues to deliver strong financial results with net profit at €495 million and operating profitability progressing across the business segments.

EBIT in Mail, Parcel & Distribution was resilient in the quarter, with cost discipline offsetting the impact of parcel volume normalisation. Parcel volumes remain structurally above pre-pandemic levels even after last year’s exceptionally high results, related to lockdown measures introduced in the majority of Italian regions.

Even though we find ourselves in a challenging logistics industry environment, our proven track record in cost discipline gives us the confidence to maintain full visibility on our Mail Parcel & Distribution 2022 EBIT target.”

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