Poste Italiane on target to hit profit in 2002

Post Italiane is on course to break even in 2002 vowed its managing director after its operating losses for the first half of 2001 showed they were down some 72 per cent on the same period last year.
The post reported net operating losses of Euro44 million in the first half of 2001, 72 per cent less compared to the same period of 2000.
“With an improvment of Euro 124 million compared to the same period for 2000, the net operating profit of Euro 115 million is a substantial step towards overall economic stability,” said the company report.
“This profit mainly derives for the strategy of focusing on the net growth in proceeds, as well as on management efficiences, as the main lever for improving the accounts,” added the report.
Compared to the same period for 2000 the total proceeds of Poste Italiane Spa grew by Euro 195 million, up 5.7 per cent while at group level turnover, which includes the proceeds of the post’s banking arm, Bancoposta Services, was approximately Euro3,780 million, up 6.4 per cent on the same period last year.
The post’s report put much of the savings down to the slashing of staff numbers by 6,800 in early 2001 and a new worker contract signed in January. A major part of the organi sation’s strategy to ensure it breaks even next year is the relaunching of its parcel and express courier sector, which it started overhauling this year. June 2001 saw Poste Italiane launch a number of new express courier products in a bid to ‘regain its position’ as the leader in the sector following a longer overhaul of service and quality late last year.
“There are still several problems and critical areas that will require constant attention,” acknowledged the report but added that if the post stuck to its original business plan the first stage for improving and relaunching Poste Italiane should be concluded within the time forecast.