CTT - Correios De Portugal, S.A. (CTTPY) Q3 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to the CTT9M 2023 results conference. My name is Karen and I'll be your coordinator for today's event. Please note this conference is being recorded and for the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star 1 on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you will be connected to an operator. I will now hand you over to your host, Durao Bento, to begin today's conference. Thank you. Thank you, Karen. Good morning, everyone. Welcome to the nine-month CTD results presentation. We are reporting yet again a strong revenue, sorry, a strong quarter if you follow me on slide number four, mostly on E&P and venture CTP coupled with a solid cash flow performance. So starting with parcels or with E&P, we had in Portugal a significant growth volume and we have now actually indeed volumes ahead of peak season and ready for a great peak season. While in Spain, we had a very strong growth both in large clients and in smaller clients, which is something that is also noticeable. Moving to mail, this was a quarter with softer than expected mail volumes, mostly due to digitization and this decline in volume was not enough to offset the price increases that we have given the new formula. of the construction contract. We remain focused on cost control and we believe that it's something that will somehow with the new formula, well, provide the tool for a better performance of oil. On retail and financial services, We had, as we all know, a very high level of public debt placements in the beginning of the year. Then with the re-rating of the rates, volumes came down, and came do...