Brazil Post (Correios) has said its profits surged 18.3% last year, despite “unfavorable” global economic conditions.
The state-owned national postal operator saw its net profit climb from BRL 882.7m ($440m USD) in 2011 to BRL 1.044bn ($520m) last year.
The profit came despite a significant increase in the company’s investments, up to BRL 1.1bn ($548m).
Brazil Post generated BRL 16.5bn ($8.2bn) in revenue during the year, 13% up on the previous year, with sales revenue up 5.8% to BRL 14.5bn ($7.22bn).
One highlight within the year’s results was the performance of the company’s Postal Bank, which is operated in partnership with Banco do Brasil. The first year of the partnership saw 1.1m new accounts opened, with 100m transactions made, with the business bringing in BRL 225m ($112m) in revenues.
Brazil Post’s operating costs for the year grew by 13% to BRL 15.75bn ($7.85bn), with the largest factor in the cost inflation being the BRL 8.7bn ($4.33bn) in labour expenses, as the company hired nearly 6,000 new employees to swell its workforce to more than 118,000 staff.
Brazil Post is forecasting that its revenues will grow by at least 3% in 2013 to more than BRL 17bn ($8.46bn).
Source: Post&Parcel/Brazil Post