CTT-Correios de Portugal SA (OTCPK:CTTPY)
$ 8.015 0 (0%) Market Cap: 545.66 Mil Enterprise Value: -1.60 Bil PE Ratio: 12.12 PB Ratio: 2.59 GF Score: 88/100
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Q1 2020 CTT Correios de Portugal SA Earnings Call Transcript

May 07, 2020 / 08:00AM GMT
Release Date Price: $4.5
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the CTT First Quarter 2020 Results Conference Call. (Operator Instructions) I must advise you that this conference is being recorded today, the 7th of May 2020.

I would now like to hand the conference over to your first speaker today, Mr. João Bento, CEO. Please go ahead.

JoÃ;o Afonso Ramalho Sopas Pereira Bento
CTT - Correios De Portugal, S.A. - CEO & Executive Director

£ -

Thank you. Good morning, everyone. Welcome to the first quarter results presentation. Well, I will start -- say that we were heading for a great quarter until mid-March, clearly above budget and, therefore, above guidance and [beating] guidance. And then the crisis came, we were able to set up an agile and problem-solving-driven governance scheme. And the main effect we felt from the beginning was a large decline in Mail, which implied an acceleration on e-commerce initiatives.

So coming from Slide 1, despite the very bad end of March, we still managed to show the resilience of our

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