Poste Italiane posts 20% rise in operating profit

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Poste Italiane reported a 19.6% increase in operating profit in the fourth quarter as financial services helped the Italian postal services operator.

Quarterly earnings before interest and taxes (EBIT) rose to 280 million euros from 234 million a year earlier and topped the 235 million expected analysts in a consensus published by the company.

It proposed a dividend of 0.486 euros a share, up 5% from a year earlier, in line with its payout policy.

Revenue at the state-controlled conglomerate – which comprises insurance and financial divisions, a traditional mail and parcel business and a digital payments unit, rose 1.4% in the fourth quarter.

Costs held steady despite one-off charges stemming from the pandemic and the funding of early retirements.

“An increase in parcel revenue has more than offset a decline in mail revenue, confirming parcels as a strategic pillar for the sustainability of the logistics business,” CEO Matteo Del Fante said in a statement.

Its smaller payments and mobile division reported a 15% increase in revenue in the fourth quarter on higher digital payments.

Main Photo: A view of the logo of Poste Italiane postal service at a local branch in Siena, Italy. EPA-EFE/MATTIA SEDDA

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