Despite an unfavorable economic climate in 2009, Croatian Post has ended the period with an operating profit.
Croatian Post made an operating profit of HRK169m from its core business, according to the first results of the unconsolidated financial report.
Postal revenue increased by 17%, total revenue increased by almost 9%, while expenditure was cut by 4%.
Croatian Post’s net profit in 2009 was influenced by the financial results of the Croatian postal bank, 40.6% of which is owned by the Post.
This positive change is an achievement of a restructuring plan and a new development strategy, which runs until 2013. The Post restructured its division-based setup, optimised its workforce and streamlined its administration.
Croatian Post’s greatest expenditure has always been the gross wages of its employees. In 2008, gross wages took up 72% of the yearly revenue, and today, despite reductions, they are still above the European average for postal operators.
1 HKR = $0.19 (xe.com, 10/2/2010)
Source: Croatian Post
Tags: Croatia, Croatian Post, financial results
