China Post 2002 First Half Revenue Up 8.5%

Revenues earned by China’s postal industry rose 8.5% on year to 24.7 billion yuan [US$3 billion] ($1=CNY8.28) in the first half of 2002, the People’s Post & Telecommunications newspaper reports, citing State Postal Bureau figures. During the same period, the postal sector trimmed its workforce by 19,700 people, the report said, without giving further details. China Post, the government mail and delivery service run by the State Postal Bureau, is believed to be in poor financial health due to growing competition from foreign and private firms, but the report didn’t mention profitability.