Day: May 7, 2003

Spanish public-run postal service operator Correos announced Tuesday that its net profit amounted to – EUR 82.7 million in 2002, a three-fold increase on the – EUR 25.9 million it posted in 2001. Correos Chairman Víctor Calvo-Sotelo noted that the strong profit growth came in the midst of a progressive privatization of the group, with the Spanish state only contributing EUR 5.6 million last year. Revenue from its postal services activities increased 12.3 percent to EUR 1.65 billion, while costs rose 3.1 percent to EUR 1.45 billion.