Polish Post posts high 2014 net profit

The positive results were posted in spite of declining overall revenue.

Total revenue in 2014 fell by 2.9 percent to PLN 6.32 billion (EUR 1.5 billion), partially due to a failure to win an auction to service the courts and judicial system in Poland as well as due to a shrinking market for traditional letters.

This is the fifth year in a row that Polish Post has had a net profit. The currently state treasury-owned company hopes to list on the Warsaw Stock Exchange in 2016.

The company’s President Jerzy Jóźkowiak stated that the group managed to reduce costs by 5.1 percent in recent times, while still finding the funds to make investments.

Crucial recent investments by the firm include the purchase of three thousand new vehicles and the launch of online services. Polish Post also plans to increase the number of post offices from the current 8,000 to 10,000 by 2020.

Meanwhile Minister of Administration and Digitisation, Andrzej Halicki, expressed hope that in future there would be no more industrial disputes between the company’s management and its workers.

He commented, “I hope that from now on we will no longer be talking about either redundancies, or of voluntary redundancies, but about recruitment and willingness to work in new, modernised post offices.” (sl/rg)

Source: PAP