Estonian Post records EUR 7m profit for 2010

Estonian Post has reported a profit of more than EUR 7m for the 2010 financial year. According to audited figures, the mail and logistics company closed the year with EUR 7.23m profit, whilst group profit stood at EUR 7.18m.

“The company ended the third consecutive year with profit”, said the chairman of the council Meelis Atonen. “This is a good result given the general economic situation and considering the universal service loss.”

“Profit will help to fund the set goals and priorities for the coming years – above all, related to parcel and e-services,” he said.

Operating revenue for the period was EUR 52.6m, and increase of EUR 1m compared to 2009. Estonian Post said the result “was influenced by EUR 0.8m loss at EUR 10.5m revenues from the universal service”.

Revenues from free market services amounted to EUR 34.3m with EUR 0.8m earnings, added chairman of the Board Ahti Kallaste. “The economic crisis lasted for Estonian Post until August last year, when after two-year decline free market service volumes turned to increase,” he said.

In 2007, Estonian Post made a EUR 2.17m loss. In 2008, the company earned EUR 0.02m profit. This grew to 0.14m in 2009.

Estonian Post is a state-owned company, which employs 2,889 people. The company has 389 post offices all over the country.