French Post's Higher Costs: 2000 Profits Drop
March 29, 2001 — Greg Keller, Dow Jones, says “La Poste, the French state mail monopoly, said Thursday exceptional costs and higher energy prices caused a significant drop in profits in 2000. La Poste reported net profit of EUR139.2 million in 2000, down 51% from EUR283.6 million in 1999. La Poste chief executive Martin Vial cited costs related to the euro switchover, higher transport and energy prices, and the implementation of the 35-hour working week were behind the declining profitability. La Poste turned in an operating profit of EUR420 million, down from EUR590 million in 1999. Revenue rose 4.6% to EUR16 billion, up from EUR15.3 billion in 1999.” Keller reports, “La Poste’s financial services division posted revenue of EUR3.77 billion, up 8% from EUR3.5 billion in 1999, while the parcels and logistics division posted revenue of EUR2.25 billion, up 16% from EUR1.94 billion in 1999.” (Source: Wall Street Journal)
