La Poste profits plummet
La Poste has blamed exceptional costs and higher energy prices for a massive 51 percent drop in profits in 2000. The postal operator reported a net profit of Euro139.2 million in 2000, down more than half from Euro286.3 million in 1999.
Chief Executive of La Poste, martin Vial, cited costs related to the Euro switchover, higher transport and energy prices and the implementation of the 35-hour working week as being behind the decline. La Poste turned in an operating profit of Euro420 million, down from Euro590 million in 1999. Revenue rose 4.6 percent to Euro16 billion, up from Euro15.3 billion in 1999. The financial services division of the service posted revenue of Euro 3.77 billion, up eight percent from Euro3.5 billion in 1999, while the parcels and logistics division posted revenue of Euro2.25 billion, up 16 percent from Euro1.94 billion. la poste said its takeover of Mayne Nickless and the acquisition of a controlling 85 percent stake in DPD made it Europe’s third-largest parcel operator.
