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17. 03. 10. - 12:00

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17. 03. 10. - 12:00

Worst results for struggling Post

Struggling postal service Post AG has reported its worst results yet for 2009.

The partially state-owned Post said yesterday (Tues) that last year earnings before interest and taxes (Ebit) declined by 11.9 per cent to 149.4 million Euros and earnings before interest, taxes, depreciation and amortisation (Ebitda) fell by 16.3 per cent to 269.2 million Euros year on year in 2009. Earnings per share went down by 31 per cent to 1.18 Euros year on year.

In addition, last year’s turnover fell by 3.5 per cent year on year to 2.357 billion Euros.

While earnings in the package and logistics division rose by 63.5 per cent, earnings in the letter division fell by 13.1 per cent last year.

Personnel costs rose by 1.8 per cent in 2009 despite Post laying off 25,921 employees.

Post chief Georg Pölzl said he hoped 2010 would be better, adding that although he foresaw a difficult year adhead, he thought it would be stable for the firm, with a decline in turnover of two per cent.

He added that Post’s savings programme had helped it weather the storm of recession last year.

"Attrition helped compensate for the big wage increase in 2009 as a result of high inflation in 2008. We had net savings of 40 million Euros last year, above our goal of 30 million," he said.

One of the ways that Post wants to cut costs is through more post office closures and their substitution by Post partners, local governments or firms that provide basic postal services for a set fee.

The postal workers’ union, however, opposes more closures and has an alternative. Union chief Gerhard Fritz claimed last month that daily business hours at small post offices could be reduced and staggered to suit customers’ needs.

He denied that businesses chosen to be new Post partners and offer basic postal services would be able to provide better business hours.

Lower Austrian People’s Party (ÖVP) Governor Erwin Pröll announced early this month that his province would have at least 500 postal service providers within two years.

Pröll said national postal service Post AG and he had agreed on the number, which would include post offices and Post partners in areas without post offices.

Pölzl said Post had received 65 applications from prospective partners in the province.

Austrian Times

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