Mexico's Postal Service Aims For MXN 10 Billion in Revenue By 2012

Mexico’s postal service said Thursday it aims to be self-funding with annual revenue of more than 10 billion pesos (USD 923.9 million) by 2012 under a five-year modernization plan.

In a press release, the postal service, or Sepomex, said to reach that goal, it will increase the number of mail carriers to 30,000 and open about 500 new offices by the end of 2012.

Sepomex currently has about 20,000 employees, 1,370 offices and annual revenue of about USD 250 million.

As part of its modernization program, the postal service will implement a tracking system for packages and has reached an agreement with the postal employees union to improve productivity.

Most firms in Mexico use private package delivery companies because of reliability problems with the postal service.

Sepomex has only two major corporate customers – phone company Telefonos de Mexico (TMX) and Citigroup Inc.’s (C) local unit, Banamex.

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