Poste Italiane to end 2006 in the Red
Italian state-owned postal services company Poste Italiane expects to book a profit in 2006, ending for a fourth year in a row in the red.
The information was released by Italian national audit office Corte dei Conti. Poste Italaine closed 2005 with a net profit of 248.5 mln euro (USD326.9 mln). The net worth of the company was at 352.7 mln euro (USD463.9 mln) at end-2004.
The net financial debt of Poste Italiane stood at 3.333 bln euro (USD4.384 bln) at the end of 2005 compared to 3.265 bln euro (USD4.295 bln) at the end of 2004. The net financial position/net financial debt is calculated as the difference between a company’s financial debts and liquid assets.
[Editor’s note: Poste Italiane closed the first half of 2006 with a net profit of 379 mln euro (USD498.5 mln), surging by 72.6 pct compared to the 220 mln euro (USD289.4 mln) registered for the respective period of 2005, ANSA said on October 6, 2006. Operating profit of the company went up by 43.6 pct year-on-year to 811 mln euro (USD1.067 bln), while revenue stood at 8.8 bln euro (USD11.6 bln), of which 4.9 bln euro (USD6.445 bln) generated by traditional activities.
