May 13, 2020 / 6:09 AM / 16 days ago

Poste Q1 EBIT drops 29%, won't give 2020 forecasts due to virus

MILAN, May 13 (Reuters) - Italian postal service operator Poste Italiane on Wednesday said operating profit dropped 29% year-on-year in the first quarter as the coronavirus crisis hit revenue and increased costs at the state-controlled conglomerate.

The group — which includes its insurance and financial divisions, the traditional mail and parcel business and a digital payments unit — said it was not possible to give realistic forecasts on 2020 results due to the virus.

Poste said earnings before interest and taxes (EBIT) came in at 441 million euros in the first three months of the year, down from 617 million euros in the same period of last year but better than an analyst consensus of 407 million euros. (Reporting by Francesca Landini; editing by Agnieszka Flak)

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