Poste Italiane SpA reported earnings results for the first quarter ended March 31, 2017. For the quarter, revenues were close to EUR 10 billion, almost in line with last year. EBIT was EUR 526 million versus EUR 562 million of 2016 first quarter, a year that was impacted by positive nonrecurring items mainly related to the release of past unutilized accrual as well as the deconsolidation. Without including these effects, EBIT is essentially in line versus last year. Net profit was EUR 351 million versus EUR 367 million of last year, mainly as a consequence of the previously stated EBIT dynamics. These figures generated funds from operations of EUR 262 million, which is 5% higher than last year. Earnings per diluted share was EUR 0.269 compared to EUR 0.281 per share a year ago. Net cash flow from operating activities was EUR 518 million compared to EUR 616 million a year ago. Investment in property, plant and equipment, investment property and intangible assets was EUR 81 million compared to EUR 62 million a year ago.

For the full year 2017, the company expects a normalized tax rate of around 38%.