Italian post office reports drop in losses as delivery targets are met
Italian post office reports drop in losses as delivery targets are met (Poste, cala il deficit e le lettere arrivano prima)
From IL MESSAGGERO, April 6th, 2001
Poste Italiane SpA, the Italian post office, has reported an improvement in its results. Two years ago the group’s deficit amounted to L2,649bn (almost a quarter of its turnover). In its latest balance sheet, which has just been approved, the group has reduced its losses to L759bn. Managing director Corrado Passera said that although the group has not yet reached break-even, it aims to do so within the next two years. However, he added that the result was a good one as it was achieved by cutting personnel costs and growing revenues.
Poste closed 2000 with a positive gross operating margin for the first time (L555bn compared to -L101bn in 1999). Also for the first time financial debt has dropped, falling from L2,200bn in 1999 to L1,405bn in 2000. Mr Passera also announced that quality targets had been met with 82 per cent of priority letters and 98 per cent of same-day deliveries arriving within 24 hours and 85 per cent of ordinary post and 87 per cent of recorded deliveries arriving within three days.
Abstracted from Il Messaggero in Italian.
Copyright 2001 Financial Times Information, Dow Jones, Dialog.
Source: World Reporter (Trade Mark)
IL MESSAGGERO, 06th April 2001
