Much maligned Italian postal service posts first profit in 50 years
Long the butt of jokes by Italians waiting days or weeks for mail, Italy’s state-owned postal service said Tuesday it achieved its first profit in 50 years and reiterated plans to be listed on the stock market in the second half of 2004.
Poste Italiane SpA’s net profit for 2002 was 22 million euros (nearly US$24 million), a sharp contrast from the 74 million euro (US$79 million) loss a year earlier.
Since January 1993,when the nation’s postal market began to be liberalized, Poste Italiane has been radically overhauled, introducing such popular services as priority mail.
Most of the improvements were achieved under the management of Corrado Passera, chief executive until a year ago until when he took over at Italy’s largest bank, Banca Intesa SpA.
Italy’s communications minister, Maurizio Gasparri, called the net profit a “historic” achievement.
DPA INTERNATIONAL SERVICES IN ENGLISH 8th April 2003
ITALIAN POST OFFICE REPORTS FIRST PROFIT IN 50 YEARS
Rome (dpa) – Italy’s postal service, Poste Italiane spa, has reported its first profit in half a century, the company’s top management announced Tuesday.
Presenting the company’s 2002 balance sheet, Managing Director Massimo Sarmi and Chairman Enzo Cardi said Poste Italiane had returned a profit of 22 million euros (23.3 million dollars), thanks mainly to a three per cent increase in turnover, to 7,804 billion euros.
The state-owned company, which managers said they hope will be floated on the Milan stock market some time next year, had been losing money uninterruptedly since 1952. dpa nr sc
AP-NY-04-08-03 0833EDT
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