CTT Correios de Portugal raises profits in the first half year of 2006

CTT Correios de Portugal increased its profits in the first six months by 23.5 per cent to EUR 8,5 million. ROE was 12 per cent, more 2 per cent compared with the previous year. Though these good financial results, the mail volumes decreased around 4 per cent comparing with last years’ same period.

These results were due to “a strict and rigorous policy and cost reduction” that according to the Board of Directors, allowed the conditions “to better compete with other operators working in the same market environment, thus assuring the sustainability of the company”.

The operating revenues of the group increased by 6.4 per cent to 394.6 million EUR thanks mainly to the growth of CTT Expresso and Tourline Express , both CEP companies, and also Payshop, an easy-payment company.