Tag: Latvia

Latvijas Pasts to increase tariffs by 30 pct

Posted by | Sep 4, 2008 | |

Latvijas Pasts has submitted its new draft tariffs to the Public Utilities Commission, the new tariffs are an average 30 pct higher than the current postal tariffs, Latvijas Pasts Director General Ivars Krauklis said in an interview on the Latvian State Radio today.

Latvijas Pasts is planning to differentiate tariffs for letter and parcel deliveries to legal entities and private individuals: the tariff for centralized letter delivery to legal entities will increase from LVL 0.22 to LVL 0.25, whereas the tariff for private letters and parcels – from LVL 0.22 to LVL 0.35.

Krauklis pointed out that the new tariffs will have little effect on residents, because the number of letters written by private individuals is not large. “It will rather affect businessmen, which form the majority of Latvijas Pasts customers,” Krauklis said, adding that the new tariffs are based on the actual costs of the service.

As reported, Latvijas Pasts turnover reached LVL 44 million last year, whereas losses amounted to LVL 14 million. In the first six months this year, the company managed to reduce the losses more than fivefold. The company hopes to operate without losses in 2009, and with a profit in 2010.

1 US Dollar (USD) = 0.49342 Latvian Lats (LVL)

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Losses of Latvia Post in first six months

Posted by | Aug 29, 2008 | |

In the first half of the year, Latvia Post (LP) posted LVL 1.253 million in losses, which is 5.3 times less when compared to the first six months of 2007, when the postal company was LVL 6.681 million in the red, LP’s general director Ivars Krauklis told members of the press.

Krauklis explained that since February of this year, when the company’s new board began work, the company has stabilized its financial situation and has implemented measures in achieving the company’s strategic goals.

In the first six months of the year, compared to the first six months of 2007, the company has increased earnings by 39 percent. For LP to continue to improve its financial situation, LP has developed not only transparent delivery tariffs, but has also simplified it business cooperation with publishers.

1 US Dollar (USD) = 0.47973 Latvian Lats (LVL)

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Latvia Post bank got license for providing banking services

Posted by | Aug 28, 2008 | |

The Financial and Capital Market Commission’s (FCMC) council issued a license to Latvia Post bank for providing banking services, as informed FCMC representative Ieva Upleja.

After reviewing an application from the holding company Mono Ltd. with a request to issue a license for providing banking services, FCMC established that the share capital, board members and the founder of Latvia Post bank complied with the regulations, provided by the Law on Credit Institutions.

FCMC have agreed that Boriss Ulmans will be Latvia Post bank’s chairman of the board, Einars Vaivods and Arnis Kalverss – company’s members of the board and Andris Krasovskis – the internal auditor of Latvia Post bank.

As reported, the holding company Mono won the Transport Ministry’s bid for the development of a postal savings bank in Latvia.

Mono will establish a consortium together with the company CVA that has previously participated in establishing postal savings banks in several countries in Europe and Middle East, including France.

Investments in the Latvian Postal Savings Bank are estimated at EUR 50 million.

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Losses of Latvia Post reduced almost five times in 2008

Posted by | Aug 26, 2008 | |

In 2009, the postal company plans to operate without any losses and to earn a moderate profit in 2010.

Last year, Latvia Post operated with LVL 14 million in losses. Approximately LVL 4 million losses resulted from press delivery in the countryside and another LVL 4 million losses came from sustaining post offices network in regions. Losses resulted also from an inefficient management and other factors.

Turnover of Latvia Post last year was LVL 44 million.

“LVL 14 million losses for a company, which operates with LVL 44 million turnover, is a disaster,” Krauklis said.

He pointed out that last year the increase of postal tariffs was delayed, which resulted in the company providing services for a lower price that the actual costs, therefore “problems have piled up”.

The aim of Latvia Post is to maximally reduce the losses this year.

Continuing to increase the efficiency of the company’s activities, the number of employees this year was cut by approximately 200 staff members. Latvia Post continues its internal audit and, as Krauklis prognosticates, the number of company’s workers could be reduced even more, however, he underlines, it only concerns the people working for the company’s administration as staff positions for postmen, operators, drivers and mail sorters will remain as before.

1 US Dollar (USD) = 0.47504 Latvian Lats (LVL)

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DPD extends Baltic market leadership with new depot

Posted by | Jun 23, 2008 | |

DPD is expanding capacity for its fast-growing business in the Baltic region with a new depot at the Lithuanian port of Klaipeda for international imports to be distributed in Eastern Europe and the CIS region.

In 2007, DPD increased its import volumes to the Baltic countries of Latvia, Lithuania and Estonia by 40 pct to around ten million parcels. This helped the GeoPost subsidiary to expand its CEP market share in the Baltics from 23 pct to 28 pct. In domestic shipping within the Baltic States the three companies DPD Latvija, DPD Lietuva and DPD Eesti have a market share of as much as 46 pct.

In order to cope with this volume growth, DPD opened a parcel sorting centre in the free-trade zone of the port of Klaipeda in western Lithuania in May. The depot has a total of 46 loading bays and its current capacity is 2,000 parcels an hour, which can however be expanded substantially. The centre is intended specifically to handle the rising volumes of international shipments which arrive at Klaipeda by sea and by rail from all around the world.

DPD said that it has grown strongly in the Baltic region in recent years. It has established a rapidly growing network, based on an operational infrastructure featuring three hubs, 29 depots and a fleet of 540 vehicles. Within the three countries DPD has a workforce of 750 employees backed up by self-employed transport operators. In Riga the company opened the largest sorting centre of the whole Baltic region only last year, with a sorting capacity of 6,000 parcels an hour.

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