MILAN May 10 Italy's Poste Italiane
said on Wednesday revenue fell 2.3 percent in the first quarter
as a result of shrinking turnover at its insurance and banking
divisions. Its mail delivery business was also negative in the
The post office, which was partly privatised in 2015, is a
conglomerate that derives more than 80 percent of its revenue
from insurance and banking services.
The group, which is controlled by the Treasury, recently
appointed former Terna CEO Matteo Del Fante as its
chief executive and has put on hold a plan to sell more shares
on the market.
Del Fante said in a statement the group will likely confirm
a commitment to pay back to investors at least 80 percent of its
Poste Italiane reported revenue of 9.5 billion euros in the
period, beating an analyst consensus of 9.36 billion euros
provided by the company.
(Reporting by Francesca Landini)