Lisbon, March 20, 2025 (Lusa) - CTT - Correios de Portugal, the country's privatised postal service, last year had a net profit of €45.5 million, down some €15 million or 24.7%, the company announced on Thursday.

"The evolution of consolidated net income was influenced by the decrease in recurring EBIT [earnings before interest and tax] (-2.4 million euros compared to 2023) as well as by the evolution of income tax for the period (+8.2 million euros compared to 2023)," the company explains in a statement sent to Portugal's Securities Markets Commission (CMVM).

Operating income rose 12.4% to €1,107.3 million euros, "reflecting a record performance by Express & Parcels (E&E), significant growth by Banco CTT (which has already surpassed the 2025 targets) and a recovery in 4Q24 by Mail & Other and Financial Services," the statement continues.

Last year, "the E&E [electrical and electronics] segment was the largest contributor to the revenues of CTT, an e-commerce logistics operator in the Iberian Peninsula," it adds.

Earnings before interest, tax, depreciation and amortisation (EBITDA) was up 5.5% to €160.3 million.

ALU/ARO // ARO.

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