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CTT (highlights from 3Q18 results conference call)

2 Nov 2018


The Company maintained its 2018 guidance, and has admitted “Financial Services” continue to be a pressure point.

Banco CTT: Banco CTT has launched a new savings product with the end goal of attracting new clients and capturing additional flows.

321 Crédito: The completion of the transaction is expected to take place in 1Q19, as it is pending approval of the Bank of Portugal. On 11 October, the Competition Authority made the decision not to oppose this transaction.

Mail: International inbound mail volumes, which grew by 12.2% in 9M18, accounts for €34mn-€35mn, with more than 60% coming from China. China has been growing at double digit and is expect to maintain that growth.

E&P: The Company reiterated its strategy for Portugal and Spain. The company is very happy with its results in Portugal, which saw revenues increase 16.8% and stood at €66.1mn in 9M18. In Spain, 3Q18 is always challenging but the situation is also getting better. Revenues now total €40.4mn, +11.6% over the same period of 2017, mainly due to the 16.4% increase in volumes.

Regulatory issues: The Company reiterated that it complies with the rules, but considers rules are not the ones they should be. Therefore, CTT have appealed, and we should get news in 2019. In the meantime, the company has to adjust to the rules. Guidance for 2019 will reflect those additional costs.


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