Sweden Post announce interim results for Jan-June 03
Net sales were SEK12,127m (11,689)
Adjusted operating earnings were SEK-298m (-346), of which SEK-168m is related to the closure of two terminals.
After-tax earnings totaled SEK-483m (407), including a further provision of SEK-215m for administrative cutbacks. After-tax earnings for the same period last year included reversed provisions of SEK916m.
The measures targeted by the provisions will generate annual savings of SEK265m.
Cash flow before financing activities was SEK389m. In the second quarter, cash flow before financing activities was SEK126m.
Posten’s adjusted operating earnings for the six months ending in June were SEK-298m, an improvement compared to the previous year of SEK48m despite a provision of SEK168m relating to the closure of two terminals. Posten continues cost-cutting to improve profitability. The central administration has been downsized during the spring. Further, a restructuring program has been initiated that will lead to additional efficiency enhancements. A new business strategy will be shaped this fall encompassing Posten’s vision, business idea, goals and strategies as well as an action plan for the future.
“Despite a dark financial situation, I see bright spots. Our core business is healthy. And more important, it can be grown. We are on the right track but there is a long road ahead,” says Erik Olsson, who became Posten’s president and chief executive officer four months ago.
