May 07, 2020 / 08:00AM GMT
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.
João 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
Q1 2020 CTT Correios de Portugal SA Earnings Call Transcript
May 07, 2020
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