Good quarterly results for Swiss Post

Swiss Post grew steadily in the first three months of 2008. Group profit for the first quarter was CHF 228 m, exceeding CHF 200 million for the third successive year (Q1 2007: CHF 281 m). The decline from 2007 is due to lower results in logistics activities resulting from increasing cost pressures and fewer real estate sales. Consolidated equity as at 31 March 2008 amounted to CHF 2,356 m after appropriation of profit (31 December 2007: CHF 2,470 m).
Operating income was CHF 2,173 m, not far behind the level achieved in the first quarter of the previous year (CHF 2,185 m). Over two thirds of this was generated by the PostMail, PostLogistics and PostFinance Group units.
At CHF 76 m, PostFinance’s operating result is in line with last year’s figure, making it one of the few nationally active financial institutions in Switzerland to have retained its good results despite the crisis in the financial market. Operating income for the first quarter increased significantly to CHF 512 m (Q1 2007: CHF 445 m). The main reason for this is the higher-than-average increase in customer deposits to CHF 45.8 bn (December 2007: CHF 43.7 bn). In the first three months of 2008, 53,000 new accounts were opened – almost 50% more than in the first quarter of 2007 (37,000 new accounts). 1 USD = 1.04507 CHF

Swiss Post grew steadily in the first three months of 2008. Group profit for the first quarter was CHF 228 m, exceeding CHF 200 million for the third successive year (Q1 2007: CHF 281 m). The decline from 2007 is due to lower results in logistics activities resulting from increasing cost pressures and fewer real estate sales. Consolidated equity as at 31 March 2008 amounted to CHF 2,356 m after appropriation of profit (31 December 2007: CHF 2,470 m).
Operating income was CHF 2,173 m, not far behind the level achieved in the first quarter of the previous year (CHF 2,185 m). Over two thirds of this was generated by the PostMail, PostLogistics and PostFinance Group units.
At CHF 76 m, PostFinance’s operating result is in line with last year’s figure, making it one of the few nationally active financial institutions in Switzerland to have retained its good results despite the crisis in the financial market. Operating income for the first quarter increased significantly to CHF 512 m (Q1 2007: CHF 445 m). The main reason for this is the higher-than-average increase in customer deposits to CHF 45.8 bn (December 2007: CHF 43.7 bn). In the first three months of 2008, 53,000 new accounts were opened – almost 50% more than in the first quarter of 2007 (37,000 new accounts).