CTT: Shares highest in 2 and a half years as Financial Services drive Q1 beat

CTT - Correios de Portugal SA

07/05/2021 09:01

** Shares in Portugal's postal services provider CTT
 CTT.LS  rise 7.8% to their highest in 2.5 years after its first
quarter results beat expectations and on improved full-year
guidance  urn:newsml:reuters.com:*:nL8N2MU10D
    ** CTT's first-quarter 2021 EBIT came in at 15.9 million
euros  ($19.20 million), above the consensus estimate of 11.4
million euros, driven by the Financial Services division which
achieved better-than-expected private debt placements in the
quarter, according to Berenberg
     ** The company also upgraded its full-year 2021 EBIT
guidance to 60 million euros (from previous expectations of more
than 50 million euros announced in March), seeing the COVID-19
pandemic related uncertainty gradually fading 
    ** CTT's financial services division reported a revenue of
12.1 million euros, above a consensus estimate of 10.9 million
euros
    ** "This division continues to be the key profit source of
the group since the collapse of Mail volumes in 2020" says
Berenberg
    ** Shares outperform Lisbon's 'blue-chip' index PSI20
 .PSI20  which rises 0.3%



($1 = 0.8282 euros)

 ((JoaoManuel.VicenteMauricio@thomsonreuters.com))