The 28% drop in profits and a 73% cut in the dividend pushed CTT’s shares to their year’s low point today.
Shares of the privatised company, led by Francisco de Lacerda, fell more than 7% in today’s trading, the largest drop since May 2018, when shares fell 10% in a day.
The post office reported profits of €19.6 million for 2018, a fall of 28 % over the previous year.
The company’s restructuring costs reduced profits, leading to a 73% cut in the dividend to just 10 cents per share.
On Thursday, CTT faced calls in parliament for its renationalisation, with Lacerda stating that he saw "no advantages to the proposal."
Meanwhile, branch closures continue with Algarve locals facing the closure of outposts at Carvoeiro, Sagres, Praia da Luz and Aljezur.
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But for those not IT enabled or tech savvy why is no one talking of mobile post offices and community based solutions such as a post van with additional seating to take remote citizens to the nearest towns? Also each Freguesia and Municipal (and Misericordia) has a host of EU funded passenger vehicles from minibuses to coaches to use to get people connected.
Quite right!
Our single handed local post office has been through 6 in 9 years. I asked each why he was leaving the job. One answer; 'no money'.
But this is just a tiny freguesia; the post office in Aljezur is our area hub.
The man who runs the Aljezur office knows everyone; he knows his job in all it's complexities, from posting a letter to issuing driving license renewals.
He is an essential person in the community, and the post office is an essential service.
If privatization means the abandonment of customers and cancellation of service, then it must be reversed. The owners can't be permitted to simply strip the assets, fire the employees, and then close it down.