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CTT Goes From Losses To Profits Of € 17.2 Million Per Semester – Companies

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CTT buys NewSpring and holding for seven million - Companies

CTT ended the first six months of 2021 with a profit of € 17.2 million, which is comparable to a € 2 million loss recorded in the same period last year. The growth was “primarily driven by growth in current EBIT,” the company said in a statement.

In a statement sent to the Securities Market Commission this Thursday, the postal group shows that operating income rose 18.2% to € 412.8 million, up 63.6 million from the same period in 2020. …

The Express & Parcels business maintained its growth path, increasing 47.8% to € 125.8 million, reaching “new revenue peaks”. This segment benefited from “the strong performance of the Iberian region, where Spain performed well in the stated strategy,” with 79.5% growth. In Portugal, business grew by 29.6%. From January to June, Spain accounted for almost half (45.5%) of the revenues of the Express and Parcels segment, up 8 percentage points from the same period last year. In Portugal and Spain, 35.8 million transactions were concluded, which is 59.6% more than in the first half of 2020. CTT Expresso Espanha broke even on EBITDA in the second quarter with € 1.5 million and € 1.3 million per semester. The result exceeded the company’s forecasts. CTT Expresso Espanha’s recurring EBIT also broke even in the second quarter.

The company says its growth strategy remains in Spain. “To increase bandwidth and coverage” in the neighboring country, four new operating centers are planned until 2022, “therefore, work in Spain is ready for the expected growth in the coming quarters.”

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According to the postal group, “These investments, together with the already observed growth and new business processes in terms of software distribution, new partner reward models and renegotiation of existing contracts, reduced the variable and, as a result, increased the company’s profitability. operation in Spain “.

Scratch cards drive retail

In turn, Correio’s profit increased by 6.6% to 216.1 million euros, which the company, headed by João Bento, classifies as “stable in light of the economic context and the secular trend in the postal services”.

The result was “growth in transactional mail revenues (+ 7.1%), which benefited from an increased contribution of higher value-added products that also have higher unit costs and less dependence on regular mail”, which share in revenue rose from 37% to 34%, justifies the company. The weight of registered and incoming international mail increased from 34% to 37%, which also contributed to the improvement.

Business decisions were down 14.3% due to “significant drop in PPE selling prices and high sales volumes achieved” in the second quarter of last year.

In the financial services and retail segment, operating profit increased by 10.3% to 23.7 million euros. Financial services revenues were down 2.2% while CTT payment services were up 11.9%. Retail goods and services grew by 50.8%, mainly due to the gaming business, which grew by 125.5%, “thanks to the introduction of scratch cards in 4Q20 and the gradual expansion of sales across the entire retail network. The shops”.

CTT Bank with moratorium 725

Banco CTT ended the semester with a 19% increase in operating profit to € 45.7 million. Net interest income increased by 20.4% to € 25.7 million

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The company underlines the partnership it signed with Sonae Financial Services in April, with which Banco CTT became the sole lender.
in relation to the loan portfolio of Cartão Universo. The company had revenues in the second quarter of 2.6 million euros and a net book value of 185.5 million.

The production of mortgage loans fell 18.5% to 69.3 million euros, “reflecting the impact of the economic downturn caused by the context of the pandemic.”

Customer deposits increased by 12.9% compared to December 2020 and amounted to 1,906.7 million euros, and 26 thousand new accounts were created, the total number of which is 543 thousand.

According to the company, as of June 30, 2021, 725 loans were overdue, which corresponds to 40.1 million euros, of which 30.8 million are mortgage loans. This amount is 3.3% of the total aggregate loan portfolio of clients. “Of the total number of moratoriums implemented, about 2.9 million euros with delays of more than 30 days, which is about 11% of the total number of private defaults that ended on September 30, 2020,” the company said.

CTT expects concession agreement “on time”

Operating expenses rose 10.9% to EUR 381.8 million. Staff costs increased by 4.2%. As of June 30, CTT employed 246 more people than in the same period last year, with a total of 12,261 people.

Impairment and provisions were reduced by 47.7% “as a result of a revised credit risk matrices and an improved economic environment, given that the same period was hit hard by the pandemic and uncertainty, especially in terms of self-sufficiency.”

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In the first half of the year, investments increased by 7.6% to 11.7 million euros, with an emphasis on express delivery and parcels.

The company expects 2021 to “continue to be marked by the unfolding of the COVID-19 pandemic” and a “context of high uncertainty,” which should still result in CTT reaching 60 million EBIT over 2020.

The postal group also refers to the process associated with the new concession agreement. “We reaffirm our confidence that it will be formalized during the renewal period. This should improve CTT’s ability to meet its universal service commitment in a more sustainable framework. ”

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Economy

Europe is turning green. Oil and gold down. Percentage Increases – Markets Per Minute

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Europe is turning green.  Oil and gold down.  Percentage Increases - Markets Per Minute

Asia in red corresponds to the USA. Europe prepares for red week

After ending the worst semester since 2008, Europe should start trading in negative territory this Friday, with a loss trend spreading into the early second half of the year.

In Asia, the main indices of the continent traded in the red and registered losses for the third day in a row.

Asian markets were affected by May consumption data in the US, which recorded a decline for the first time this year. Investors are still waiting for Chinese President Xi Jinping to visit Hong Kong a year after he introduced a national security law in the region.

In China, the Shanghai Composite fell 0.2% and the Hang Seng was closed for the holiday. In Japan, Topix lost 1.3% and Nikkei lost 1.6%. Finally, in South Korea, Kospi recorded a 1% decline.

Futures for the Stoxx 600, the benchmark for Western Europe, fell 0.8%.

In major market moves, companies associated with tourism and airlines in China fell after announcing emergency fuel spending. Already, chip makers in the region, namely TSMC and Samsung, have stepped up losses at a time when Micron Technology, the largest memory chip maker in the United States, ended depreciation talks on Wall Street after lowering consumer financial outlook. reduce the cost of computers and mobile phones.

“Usually lower US consumption data leads to a drop in global demand. They affect markets dominated by exports, in particular South Korea,” explains Cui Xuehua, analyst at Meritz Securities, Bloomberg.

“Investors are also looking for clues as to whether there will be policies that will benefit Hong Kong, such as opening borders and expanding trade,” an analyst said of the Chinese president’s visit this Friday.

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The government will extend the tax cut on fuel. View new values

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The government will extend the tax cut on fuel.  View new values

The government will extend the tax cut on petroleum products for the next two months, according to CNN Portugal. But fix the values ​​and stop revisiting them every week.

The government will extend tax cuts on petroleum products in July and August to bring down the final price of fuel. CNN Portugal knows that this decision was approved this Thursday by the Council of Ministers and that it has new characteristics.

The current tax reduction applied only to the months of May and June, thus ending on June 30th. But as fuel prices remain very high, the government decided to extend the decision for another two months, thus covering July and August.

But the model is not exactly the same. The government decided to stop weekly reviews of ISP cuts, as it has done so far, and fix the cuts. Recall that the original goal was to achieve with the help of ISP the equivalent of reducing VAT from 23% to 13%. To do this, the government has launched a set of measures, which now intends to simplify.

Overall, as government sources have been able to confirm to CNN Portugal, the measures approved by the Council of Ministers will constitute a decrease of 28.2 cents per liter of diesel fuel and 32.1 cents per liter of gasoline.which is close to the current values.

According to data from the Directorate General of Energy and Geology from this Thursday, the average price of plain diesel fuel in mainland Portugal is currently 2,062 euros per litre. The average price of regular gasoline 95 is 2101 euros per liter.

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Nasdaq down 30% since January, S&P 500 closes worst half since 1970 – ECO

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Nasdaq down 30% since January, S&P 500 closes worst half since 1970 - ECO





Nasdaq down 30% since January, S&P 500 closes worst half since 1970 – ECO
































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