Croatian Post reveals historic profit
In the first four months of this year, Croatian Post has made a profit of HRK 33.6m (over €4.6m), the company has revealed. At the same time, the Post reduced expenditure by almost 2% in the same period.
Croatian Post closed the previous year with HRK 167m operating profit after many years of operating with a financial loss.
The company said this is the result of a “long-awaited restructuring process, which has greatly modernised the way in which Croatian Post does business”.
During 2009, the company’s revenues grew by 9% while expenditure was reduced by 5%. The restructuring process included setting up a new divisional organisation modeled on modern postal operators.
“It incorporated the optimisation of the number of employees, a process which was developed in cooperation with Croatian Post’s social partners, and which will be concluded this year. Traditionally, the biggest expense in Croatian Post’s business is the portion of the gross salaries of employees in the company’s total revenue. That portion fell from 72% in 2008 to 62% in 2009. Both last year’s and this year’s financial results are a great success for Croatian Post and a strong base for further projects and improvements,” a company statement said.
