Spanish Correos net profit at record 177.3 mln Euro 2005

Spanish state-run postal services provider Sociedad Estatal Correos y Telegrafos SA (Correos) posted an all-time high 177.3 mln euro ($226.4 mln) net profit in 2005, up 119.5 pct year-on-year, the company said on May 18, 2006.

Correos operating profit stood at 180.3 mln euro ($230.2 mln), up 21.1 pct. The company’s operating revenue rose by 5.3 pct to 2.104 bln euro ($2.687 bln), boosted by a 0.8 pct increase in the number of deliveries to 5.4 million.

Correos reported four times higher revenue from credit cards and online payments. The company’s express delivery unit Chronoexpres narrowed its loss by 70 pct to 21 mln euro ($26.8 mln).

Correos invested 212 mln euro ($270.7 mln), up 16 pct, in line with its business plan to spend 1.0 bln euro ($1.277 bln) between 2004 and 2007. The company opened 120 offices and increased its fleet by 613 vehicles and 1,000 motorbikes. Correos staff rose by 1,000 to some 65,000.

(Note: All figures/comparisons are for 2005/2004.)

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