Portugal CTT 2004 Profit Up 96.2 Pct Y/Y

Portuguese postal service CTT-Correios de Portugal posted a profit of 50.1 mln euro (USD65.7mln) for 2004, an increase of 96.2 pct year-on-year, CTT said on March 3, 2005.

CTT said the profit rose mainly due to the 2.5 pct increase of its revenue to a total 707 mln euro (USD926.5 mln).

Another factor contributing to the profit rise was the reduction of the taxes paid by CTT, which fell by 69.9 pct to 16.1 mln euro (USD21.1 mln).

Personnel costs fell 7.2 pct to 372.8 mln euro (USD488.6 mln).

CTT’s earnings before interest, tax, depreciation and amortisation (EBITDA) totalled 97.9 mln euro (USD128.3 mln).

[Editor’s note: CTT posted a profit of 22.7 mln euro (USD29.8 mln) for the first half of 2004, up by 38 pct from the same period of 2003.]

(Note: Unless otherwise stated, all figures/comparisons are for 2004/2003.)