Lithuania Post sales up 12.7% in first quarter
Lithuania Post has continued profitable operations into the first quarter of 2012, after last year saw its first annual profit in four years. The postal service in the Baltic republic said audit data shows it generated LTL 405,000 ($153,000 USD) in net profit in the first three months of the year, compared to a LTL 2.2m ($831,000) loss seen in the same period last year.
Lithuania Post’s revenues from sales grew by 12.7% during the quarter up to the end of March 2012, accounting for more than LTL 46m ($17.4m USD), with just over half of this from the universal postal service.
Courier services saw revenues increasing by 5.2% compared to the first three months of 2011.
Lithuania Post’s chief executive, Lina Minderienė, said her company was turning itself around thanks to the gradual implementation of its programme to reduce costs and increase sales.
“By improving its performance, Lithuania Post is actively preparing for postal market liberalisation in this country,” she said.
“We hope that the financial results in the forthcoming quarters will be even better, so the company will be able to free investment resources needed to strengthen its position in the market.”
Lithuania Post had recorded a LTL 10.2m annual loss in 2010, but last year saw it return to the black with an LTL 736,000 net profit.
Lithuania is among a group of 11 Eastern European countries that are set to open their postal markets fully to competition from the start of 2013, under European postal laws, with incumbent postal services facing the prospect of rivals beginning to take market share for previously protected state monopoly services.
