CTT – Correios de Portugal, the Portuguese postal operator, had lower revenues and profits lastyear but its Spanish express subsidiary, Tourline Express, increased its volumes.
CTT’s consolidated operating revenues declined by 3.5% to €794 million in 2010 while it managedto reduce costs by 2.3%. The operating profit dropped back by 16% to €62 million and net profitsfell by 6.1% to €56.3 million.
But the company said that its 7.1% net profit margin, although lower than before, remained“fairly comfortable” while the 7.8% EBIT margin put it in third place among European postaloperators and well ahead of the continent’s 4.5% average operating margin.
Tourline Express said separately that it increased volumes by 2.5% to 9.4 million lastyear while its revenues ended at €155.4 million after “a price war” in the Spanish market. Itincreased its customer base by 5.3% to a new record of more than 40,000 clients.
The Spanish company introduced a new e-commerce service under the name ‘e-premium’ last yearwhich it said would be its main growth channel in the next few years.
