Expatica news

CTT shares fall sharply as dividend cut by 73%

ctt2The 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.