Spanish post office registered ten-fold increase in 2001 net operating profit

Correos y Telegrafos, the Spanish post office, registered a ten-fold increase in its net operating profit in 2001, to 25.9m euros, despite the slowdown in the growth of postal activity. This was announced yesterday by Alberto Nunez-Feijoo, chairman.

These results include the state contribution to cover the universal postal service, which was cut by 43.2 per cent to 16.8m euros, and that to help finance the investment plan, which increased 58.2 per cent to 127.4m euros. In 2001 the operator handled a total of 5.145 billion items, 3.45 per cent more than in 2000 but more than a percentage point less than the growth registered since 1998. The chairman attributed this to the global slowdown in the postal sector, following the terrorist attacks of September 11 and the deterioration in the global economic environment.