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CTT's profits fell 54% to 7.4 ME in the first quarter
CTT's profits fell by 54% year-on-year in the first quarter, to 7.4 million euros, with the subscription of government bonds falling from 7.5 billion euros to 294.8 million euros.
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Economia CTT
In the note, published by the Portuguese Securities Market Commission (CMVM), the company indicated that it recorded, in the first three months of this year, "a consolidated net result attributable to CTT group shareholders of 7.4 million euros, 8.7 million euros below that obtained" in the first quarter of last year.
The operating income of the Financial Services and Retail segment reached 5.5 million euros in the first quarter of this year, a drop of 80.8%, the group indicated.
"This unfavourable performance, when compared to the same period, stems mostly from the behaviour of public debt securities", it highlighted.
According to CTT, "in the first quarter of 2023, public debt securities reached record highs in terms of placement, induced by the greater attractiveness of the product when compared to bank deposits", but the "change in marketing conditions in June 2023 reduced the attractiveness of this product for savers, due to the reduction in interest rates, and limited the marketing capacity, due to the drastic reduction in maximum application limits per subscriber".
Thus, in the period under analysis, subscriptions of these instruments were made "in the amount of 294.8 million euros, which compares to 7.5 billion euros of subscription" in the first quarter of 2023, it highlighted.
Read Also: PSI advances 0.75% with CTT and EDP rising by more than 3% (Portuguese version)
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