In the first quarter of 2017, the Poste Italiane group achieved consolidated net income of €351 million, down 4,4% on the same period of 2016. The result, the latest from Francesco Caio's management, is higher than the average profit indicated by the consensus of analysts, equal to 324 million euro, a value which would have resulted in a decrease, compared to the three months of the previous year, equal to 11,7 per cent. Consolidated revenues amounted to 9,5 billion, down 2,3 percent. Assets under management/administration amounted to 498 billion, up by 1 per cent. The operating result, amounting to 526 million, instead recorded a drop of -6,4% compared to the same period of the previous year (562 million). This drop is due to the lower contributions from the Postal and Commercial services sector and from the Financial services sector, only partially offset by the positive contribution to the result from the Insurance services and Asset management sector.
Matthew Del Fante, Chief Executive Officer and General Manager, commented as follows: “I am particularly proud of the role entrusted to me as Chief Executive Officer of Poste Italiane, a Group that I have already had the opportunity to appreciate in my previous professional experiences. For several weeks since my appointment I have worked closely with the management team – whom I thank – to ensure the necessary continuity of the Company's managerial and operational processes. With regard to the results of the first quarter of the year, the total revenues of the Group recorded substantial stability compared to the same period of the previous year, despite a market context characterized by a marked contraction in insurance premiums, as well as the physiological reduction in volumes of traditional correspondence. On the other hand, the logistics and parcels sector is growing, registering a significant increase compared to the same period of the previous year".
“The next few months – continued Del Fante – will be fundamental for the formulation of the new business plan, which will allow the Group to continue along its growth path. In particular, we will focus on expanding the products offered in the insurance and asset management sector. As far as financial services are concerned, we will focus on enhancing payment systems, also by leveraging our customer base and recently acquired stake in SIA. We will also give a further boost to innovative services for the public administration. On the postal logistics front, we will continue to strengthen the parcels sector, using the driving force of e-commerce and continuing to improve the quality of mail services. We will thus contribute to strengthening the Group's cash flow generation also in support of a dividend policy which, for 2017, we will finalize in the coming months and which will be reasonably similar to that already implemented in the last two years."
The new CEO of Poste, who arrived on 28 April, placed the new business plan between the end of 2017 and the first months of 2018. Instead, he confirmed the distribution of profit which has so far been based on a payout of 80%.
