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Correos Group Announces First Quarter Profits Of €4.7 Million

By Chris King • 14 April 2021 • 20:20

Correos Group Announces First Quarter Profits Of €4.7 Million

Correos Group Announces First Quarter Profits Of €4.7 Million. image: wikimedia

Correos Group Announces First Quarter Profits Of €4.7 Million for 2021

THE Correos Group has released its quarterly accounts for 2021 today, Wednesday April 14, showing a profit of €4.7 million, which shows a positive return to business after the hard times endured during the earlier stages of the pandemic, with a stark drop in the use of the postal system, with people posting 560 million letters less than in 2019, which normally accounts for 65 per cent of Correos’ income.

The figures showed a growth in operating income of 12.5 per cent, in comparison to a growth of only 3.2 per cent in operating costs, which would appear to be a result of their recently implemented strategy of adjusting production costs and increasing revenues due to the new pricing policy.

Correos’ revenue for the first quarter exceeds €603 million, with an Ebitda of €20.5 million, compared to the €28.5 million suffered in the corresponding quarter in 2020, with the turnover reaching €574 million, increasing by 15 per cent compared to 2020, which exceeds their figures prior to the pandemic.
Around 70 million parcels were shipped in these first three months, 25 per cent more than in 2020, increasing the revenue by 38 per cent, which considering we have been in the pandemic, showing a 33 per cent increase in the nett amount of turnover is very noteworthy.
Despite the positive results of this first quarter, the Post Office Annual Operating Plan for 2021 continues to show a loss of €70 million during 2021, but their new incentives to expand into international territories like China and Portugal have already shown dividends, and one of the main objectives is to create a logistics hub that unites Asia, Europe, and Latin America.
The Correos Group made committed investments of €57.2 million in the first three months of 2021, using up 44.4 per cent of the budget for the entire 2021 financial year, as reported by 20minutos.es.
Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com

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