Earnings before interest and tax (EBIT) were at 36.8 million euros (32 million pounds) after 38.7 million in the previous year period, the majority state-owned company said. Analysts had forecast an EBIT of 38.2 million euros.

The group, which aims to compensate for declines in its letter segment by generating growth in the parcel and logistics business, said it expected its EBIT to remain stable in 2016 and 2017.

(Reporting by Kirsti Knolle; Editing by Maria Sheahan)