Nine Months 2021 CTT Correios de Portugal SA Earnings Call Transcript
Good day, and thank you for standing by. Welcome to CTT 9 Months 2021 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speakers today, João Bento and Guy Pacheco. Please go ahead.
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Good morning, everyone. Welcome to the third quarter '21 results webcast. Well, moving to the presentation, and if you follow me with the presentation on the first slide, we declare that it's been an earnings showing resilient growth. It was indeed a good quarter in all business areas but Mail, with the quarterly growth in revenues of 8.1%, based mostly on Express & Parcels and the bank. And this was achieved notwithstanding the deterioration observed in Mail due to lower-than-expected inbound. In fact, inbound revenues were penalized by the end of the de minimis VAT exemption for non-European inflows, as you know, and this
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