CTT profits fall 38% in first quarter

CTT’s profits shrank 38.1% to €5.4 million in the first quarter of this year, compared to the same period last year, according to the presentation sent to the Portuguese Securities and Exchange Commission (CMVM) this Thursday.

In a statement, CTT signalled that this performance “reflects a difficult comparable” to the first quarter of 2021, given that in that period the activity associated with e-commerce “was positively impacted by the Covid-19 pandemic restrictions and a part of the gains obtained was temporarily reverted the return to physical retail”.

On the other hand, the company led by João Bento signals that the first quarter of this year “was also penalized by a more challenging economic environment in terms of consumer confidence, particularly in a context of rising inflation essentially due to geopolitical tensions in Europe arising from the Ukraine War which have impacted the global trade volume during this quarter.”

However, in the first three months of this year, CTT’s revenues grew 14.3% to €234.7 million, compared to the same period last year.

As for operating expenses, they increased 20.7% in the first quarter of this year to €212.7 million.

The company’s EBITDA decreased 24.1% to a total of €22 million.