PostNL: shares drop after earnings, divestments
(CercleFinance.com) - Former Dutch postal monopoly PostNL reported lower-than-expected earnings on Monday and said it will sell its German and Italian businesses.
PostNL reported a drop in second-quarter underlying cash operating income of 25 million euros, down from 46 million euros, on revenues that are up at 851 million euros, from 836 million euros.
In its statement, the postal group said it has decided to divest Nexive, Italy's second largest player on the local mail market, as well as German delivery service unit Postcon.
Integrating the decision to divest Nexive and Postcon, the group's outlook for underlying cash operating income in 2018 is now between 160 million euros and 190 million euros.
The market did not like this news, with PostNL shares tumbling 6.8% at 3 euros on Euronext Amsterdam this morning.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
PostNL reported a drop in second-quarter underlying cash operating income of 25 million euros, down from 46 million euros, on revenues that are up at 851 million euros, from 836 million euros.
In its statement, the postal group said it has decided to divest Nexive, Italy's second largest player on the local mail market, as well as German delivery service unit Postcon.
Integrating the decision to divest Nexive and Postcon, the group's outlook for underlying cash operating income in 2018 is now between 160 million euros and 190 million euros.
The market did not like this news, with PostNL shares tumbling 6.8% at 3 euros on Euronext Amsterdam this morning.
Copyright (c) 2018 CercleFinance.com. All rights reserved.