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Poste Italiane ups 2021 guidance after third quarter results -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Bari’s Poste Italiane is crowded with people following social distancing guidelines. The spread of coronavirus (COVID-19), continues in Bari, Italy. March 27, 2020. REUTERS/Alessandro Garofalo

MILAN (Reuters) – Italy’s Poste Italiane has raised its full-year guidance after it reported an increase of third-quarter revenues as well as operating profit.

According to the group, it was aiming to achieve an operating profit in excess of 1.8m euros for this year. This is 100 million more than originally forecasted due to cost control and net incomes of 1.3billion euros, compared with 1.2billion euros.

According to company officials, the interim dividend was confirmed at 0.185 euro per share. The firm also anticipates that 2021 revenue will increase 100 million euros, compared with its original goal of 11.2 billion.

Group, which comprises insurance, financial, and digital payments divisions in addition to traditional mail and parcel businesses, said that third-quarter earnings before interest, taxes (EBIT) increased 18%, reaching 566 million euro. This is slightly less than analysts’ consensus of 538 millions.

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