Latvijas Pasts Postal Co works at 1.8 mln Lats profit in first half of year

Latvijas Pasts postal company operated at 1.8 million lats (EUR 3.04 mln) profit in the first half of 2002, company chief executive said.

Andrejs Droiskis said this year’s semi-annual profit is 0.2 million lats lower than the respective indicator for the same period last year.

Droiskis said Latvijas Pasts raised over 11 million lats revenues in the first six months of 2002 which is significantly more than expected. In the first half of the last year the postal company raised 10 million lats in revenues.

The excess of revenue over spending is formed by accepting and delivering letter correspondence while subscription and delivery of press editions is the second largest source of revenues for Latvijas Pasts, said Droiskis.

He said the postal company will use the excess of intake over spending to introduce additional security measures at post offices and stimulate employees to work better, do repair and renovation works at client service outlets.

The most important project of Latvijas Pasts this year though is construction of mail and packages sorting complex which will be done for resources accumulated during the previous years and a loan taken out against a state guarantee, said Droiskis.

He said the first round of the sorting complex construction will charge at least 4 million lats.

Latvijas Pasts has 969 post offices across Latvia.