Slovenska Posta nets SKK 170 mln in 2002

Audited figures for 2002 show revenues of state-owned postal service company Slovenska Posta at SKK 6.03 billion, gross earnings at SKK 226 million and net earnings at SKK 169.75 million, finance director Jiri Vacek told a news conference on Tuesday. Although net earnings of Slovenska Posta were SKK 76 million lower than in 2001, the company significantly exceeded the 2002 target, stated Mr. Vacek, labeling the results as favorable.

Slovenska Posta performance was positively influenced by higher revenues and cost-saving measures. Slovenska Posta delivered 325 million letters and almost 5 million parcels in 2002. Revenues for delivery of advertising materials increased last year, in much the same way as revenues from postage money orders and new services, said Mr. Vacek. Financial and special revenues fell SKK 146 million last year due to the dissolution of reserves and a drop in interest rates.

Slovenska Posta expenditures rose 2.26 percent y/y. Wage costs, accounting for 62 percent, constituted the biggest portion. However, the average wage of SKK 11,675 still lagged behind the average in the Slovak economy, although it went up 5.04 percent y/y. The company managed to lower energy consumption and operating costs by reduction the number of post offices last year, however, 25 to 30 percent of its 1,628 post offices are still loss making. Slovenska Posta invested SKK 401 million in 2002.

In 2003, when tariffs grew by 7.4 percent, Mr. Vacek expects revenues at SKK 6.3 billion, gross earnings at SKK 180 million and net earnings at SKK 120-125 million. Slovenska Posta is planning to invest SKK 370 million this year.

(EUR 1 = SKK 41.253 on April 1