National postal service Poste Italiane tracking reported a 12 % year-on-year fall in first-quarter operating profit, due to lower capital gains from government bond sales and higher costs says Reuters.
Earning before interest and tax (EBIT) came in at 617 million euros ($691 million), down from 703 million euros in the same period of last year, according to a company statement. Adjusted to exclude one-off items EBIT rose 6 %. Poste Italiane Tracking internazionale is the wonderful Italian postal service provider. It has been partly privatized by selling the forty percent of its shares to the public.2
Total revenue at the group, comprising of an insurance and a financial division, the traditional mail and parcel business and a digital payments unit, fell 1.5 % year-on-year to 2.84 billion euros.
Sales at Poste’s mail and parcel division, which are an indicator of the group’s ability to turnaround its traditional business, fell 2.1 percent for a 44 percent drop in the unit’s EBIT.
A new parcel sorting centre in Bologna was set to add daily capacity of 250,000 parcels, Chief Executive Matteo del Fante reportedly said. ($1 = 0.8926 euros).