Tag: Spain

The aspirations of Spanish state-owned postal services operator Correos are much more modest than those of its counterparts in other European countries, after recognising that the commercial agreement between Correos and German counterpart Deutsche Post never really worked. According to Correos chairman Jose Damian Santiago, the arrangement did not work because Correos was trying to sell products that did not take into account the target market of customers who visited Correos branches.

Spanish state-run postal services provider Sociedad Estatal Correos y Telegrafos SA (Correos) posted an all-time high 177.3 mln euro (USD226.4 mln) net profit in 2005, up 119.5 pct year-on-year, the company said on May 18, 2006. Correos operating profit stood at 180.3 mln euro (USD230.2 mln), up 21.1 pct. The company’s operating revenue rose by 5.3 pct to 2.104 bln euro (USD2.687 bln), boosted by a 0.8 pct increase in the number of deliveries to 5.4 million. Correos reported four times higher revenue from credit cards and online payments. The company’s express delivery unit Chronoexpres narrowed its loss by 70 pct to 21 mln euro (USD26.8 mln).