Swiss Post net profit hits record-high 540m Euro 2004
Switzerland’s postal service provider Swiss Post posted a record-high net profit of 837 mln Swiss francs (USD698.4 mln/540.3 mln euro) for 2004, up from 366 mln francs (USD305.4 mln/236.3 mln euro) for 2003, it was reported on March 31, 2005.
All Swiss Post units were profitable in 2004, the company said and attributed the strong profit rise to the higher prices of letter delivery services, which contributed 200 mln francs (USD166.9 mln/129.1 mln euro) to the profit.
Cost reduction through reorganisations and optimisations added 130 mln francs (USD108.5 mln/83.9 mln euro) and 120 mln francs (USD100.1 mln/77.5 mln euro) came from a drop in personnel costs.
Operating revenue rose by 6.7 pct year-on-year to 7.35 bln francs (USD6.13 bln/4.74 bln euro) in 2004.
Swiss Post will use the profit to raise its own capital, the finance investments and a social plan for the launched reorganisations. Swiss Post will also provide 350 mln francs (USD292.1 mln/225.9 mln euro) to its pension fund.
