No joy for Austria Post
Even though Austria’s state-owned mail service Österreichische Post AG will close 2002 with a profit, the financial results were still disappointing. Turnover sank by almost EUR 21 million from EUR 1.505 billion in 2001 to EUR 1.482 billion, and earnings before interest and taxes (ebit) to EUR 11.1 million, were down by 52%. According to Rudolf Jettmar, Österreichische Post’s chief financial officer, <> still the mail service’s performance clearly fell short of its own targets. Originally, Österreichische Post forecast an increase in turnover and profit for financial year 2002.
The company has to reduce costs, particularly in its letter post, the courier express parcel (CEP), and mail marketing businesses. The continuing weakness of the economy and the efforts of customers to cut costs had an immediate effect on volume of mail. On a positive note however, the branch network division’s sales grew strongly by 8%. The number of personnel was reduced in 2002 by 1,152 full time equivalents from 28,974 to 28,822 full time staff.
Rudolf Jettmar: <>
