Correos results show decline

Spanish postal operator, Correos, has revealed gross profits of €107.1m for 2008 – 28.4% down on the previous year.

Spanish postal operator, Correos, has revealed gross profits of €107.1m for 2008 – 28.4% down on the previous year.

The company also revealed a decrease in mail volumes of 5.2% – mirroring the results of other major posts around the world. Correos say they delivered 5,123.2m items in total. Correos state that the main reason for the fall in profits was down to the decreasing postal activity caused by a growth in new technologies.

Revenues increased by 1.6% but expenses were higher due to personnel costs.