Corrreios of Portugal improves financial results and performace during H1 2007

Correios of Portugal presented the audited financial results for the first 6 months of 2007.

During the first half 2007, CTT distributed dividends for EUR 24.77 millions, correspondent to the result of 2006.

The net results for the first half 2007 is EUR 27.5 million and represents a growing of 224 pct in comparation to the same period in 2006. The results are due the best operational performance results.

The company intensified 3 key factors during these months: growing, rentability and value of the shareholder, as part of the plan for improving the quality service.

The operational profits raised 3.9 pct and represents EUR 410,2 million. There is a positive growing in all business areas, with a better performance for parcel and express services, which registered a growing of 10.8 pct.

The consolidate EBITDA raised 44.5 pct and a profit margin of 13.9 pc which represents 3.3 pct better performarce in comparation to the last period.

The consolidated operational results raised 153 pct and represents EUR 42.1 million, and the consolidated operational margin raised 10.3 pct and represents 6.1 pct respect to the previous period.

The global indicator of quality service during the first half 2007 is 138.8 which compares the objective of 100. The main actions implemented for the good results were: new organization model of service network for clients, integrated to the process of customer service, distribution and sales, a reorganization of sales force, improvement of client management in key accounts and corporate clients, acquisition of capital (30 pct) of Campos Envelopagem, S.A and incorporation of this company to Mailtec TI, acquisition of 6 sort mailing machines.

The compay is also planning a relaunch of Correios bank and benchmarking of similar experiences of postal operators.