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Poste's 9-mth revenues rise, net profit hit by writedown
November 9, 2017 / 1:31 PM / in a month

Poste's 9-mth revenues rise, net profit hit by writedown

MILAN, Nov 9 (Reuters) - Poste Italiane said nine-month revenue rose 2 percent as rising insurance premiums offset the weak performance of its financial services division.

The group, which is a conglomerate that offers banking and insurance services on top of traditional mail and parcel delivery, reported revenue of 26.25 billion euros in the period, broadly in line with an analyst consensus of 26.13 billion euros.

Revenues at its banking division were down 3 percent in January-September.

Net profit came in at 724 million euros, down 10 percent partly due to an 82 million euro writedown on a bond issued by ailing airline carrier Alitalia in which Poste had invested. (Reporting by Francesca Landini, editing by Valentina Za)

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