Business

Poste Italiane Q2 net profit up 44% on strong payment & mobile business

Net income at Italy’s Poste Italiane (PST.MI) rose 44% in the second quarter to 469 million euros, mainly thanks to strong growth in the payment and mobile division and cost-cutting in the mail and parcel segment, the company said on Thursday.

The company, which includes a financial and an insurance services division, reported improvement in the traditional mail and parcel segment also thanks to the purchase in March of a 70% stake in health logistic firm Plurima.

Payments and mobile unit revenues rose 21% year-on-year in the second quarter to 250 million euros ($255.58 million), beating an analysts’ consensus provided by Poste of 243 million euros.

Poste said it expects to report an operating profit of 2 billion euros in 2022, up from 1.85 billion euros last year.

($1 = 0.9782 euros)