Cape Verdean postal service posts losses in 2012 due to Novo Banco stake-holding

21 June 2013

Cape Verde’s postal service Correios de Cabo Verde in 2012 posted a loss of around 90 million Cape Verdean escudos (US$1.06 million), which was the worst performance since the company was spun off from Cabo Verde Telecom, Cape Verdean weekly newspaper A Nação reported Thursday.

The newspaper cited figures from the 2012 Annual Report and Accounts and added that, as well as a record loss there were also “significant drops” in all revenue streams.

The negative results, the newspaper said, were due to Correios de Cabo Verde’s 20 percent in Novo Banco, a micro-credit bank that last year posted a loss of 200 million escudos (US$2.36 million). (macauhub)