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Poste Italiane revenue fell in Q1 on weak insurance business
May 10, 2017 / 4:05 PM / 6 months ago

Poste Italiane revenue fell in Q1 on weak insurance business

MILAN, May 10 (Reuters) - 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 period.

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 net profit.

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)

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