Profits CTT fell 19.1% in the 1st half – Observer

CTT – Correios de Portugal had a profit of 31.7 million euros in the first half, 19.1% less than in the first six months of last year, announced today the company to market

<. p> for this fall’s result helped launch the Bank CTT, referring to the information sent to the Portuguese Securities Market Commission (CMVM) that without this effect the net result would have been 41.8 million euros, up 0.2% YoY.

the bank CTT opened in mid-March, and by the end of June 66 branches and 20,000 accounts, with deposits of customers to reach more than EUR 50 million.

“the project CTT Bank impacted the results for the first half of 2016 at -10.2 million euros and -2.6 million euros in the same period, and excluding this effect the net result of CTT would amount to EUR 41.8 million, representing an increase of 0.1 million euros “over the first six months of last year, says the organization in a statement.

the revenue fell 4.4% in half to 351.1 million euros and earnings before interest, taxes, depreciation and amortization (EBITDA) fell 19% to EUR 57 million.

CTT submit that the Board of Directors decided today “submit to the Insurance Supervisory Authority and pension Funds” one application for the authorization (pension scheme) “to finance and manage the responsibilities of CTT with post-employment health benefits initially only to workers in active, retired , retirees and pre-retirees (Fund CTT – Health Benefits Post-employment). “

” These liabilities amount to EUR 158 million by reference to December 31, 2015, “they added the post office, which add that the constitution of the fund is subject to the definition of the terms and conditions between CTT and the management company, the necessary internal approvals and compliance with formalities, among others.

CTT say face this year ” with strong expectations to fulfill the strategy. “

However, states that” the decline in mail demand will continue to be affected by structural trend to electronic substitution, but also by macroeconomic factors that justified the good performance in the second quarter 2016 for the acceleration of private consumption should remain close to the natural long-term trend. “

CTT also indicate that” intend to capture an increasingly important part “of the advertising market” through the development of new advertising mail offer platform. “