Tag: Republic of Ireland

Irish wing of DHL reports 90% rise in profit

Posted by | Feb 20, 2006 | |

DHL Ireland has reported an increase of over 90 per cent in pre-tax profits as international business activity from Ireland continues to increase. DHL Holdings (Ireland) posted a turnover of EUR70 million in the year ended 2004, up from EUR65 million in the previous period. DHL, which faces strong US competition from the likes of FedEx and UPS, is now owned by Deutsche Post. It posted a pre-tax profit of EUR5 million in the year under review, up from EUR2.6 million in the equivalent period in 2003. After tax was paid the company was left with a profit of EUR4.3 million, up from EUR2.4 million. The scale of the company’s activities is illustrated by the company’s total current assets of EUR20.9 million.

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DX weighs up full-on challenge to An Post monopoly

Posted by | Feb 17, 2006 | |

Kevin Galligan is standing in the middle of a room filled from floor to ceiling with small blue metal mail boxes. As he talks men scurry into the room to drop envelopes in the boxes before quickly disappearing into the street. The setting is far from opulent, but reading the name tags on the front of the boxes you immediately get a sense that the room is mainly frequented by representatives of blue-chip Dublin. This reporter noticed some of the following names on the front of the boxes: McCann FitzGerald, A&L Goodbody, Director of Public Prosecutions, Attorney General’s Office, Ulster Bank, AIB and Bank of Ireland.
While the workaday atmosphere of the room suggests this is simply a humble mail room, in many ways this room and others like it around the country could form the backbone of a new nationwide postal delivery network. At least that is what Kevin Galligan is hoping. With the postal market facing full liberalisation within three years, DX is seriously weighing up taking on the An Post monopoly. Already letters weighing over 50g are open to competition.

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Fortis, An Post venture may see spend of EUR400m

Posted by | Feb 16, 2006 | |

Fortis and An Post could each need to spend up to €200 million on their banking joint venture over the next few years, analysts suggested yesterday. It emerged on Tuesday night that An Post had chosen to enter into exclusive talks with the Belgian/Dutch banking group about setting up a new banking business in the Republic. Neither party would comment on the details of the planned joint venture yesterday, aside from confirming that talks would begin soon and expressing optimism at the development. The move caught the attention of analysts however, with Rabo Securities choosing to lift Fortis’s price target on the basis of continued growth at the group. Rabo identified the Republic as an attractive market for life insurance in particular and said the link with An Post could require an investment of EUR100-EUR200 million on both sides over several years. Other analysts wondered if Fortis could use the deal to test the Irish market with a view to taking over one of the domestic banking players in years to come.

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Belgo-Dutch Fortis in JV talks with Irish Post Office

Posted by | Feb 15, 2006 | |

Belgian-Dutch banking and insurance group Fortis has started exclusive negotiations with the Irish Post Office, An Post, about an establishment of a financial services joint venture, Fortis said on February 14, 2006 in a press release. According to Fortis, this step is based on the group’s 10-year experience with the Belgian Post in the successful creation of the joint venture Banque de la Poste.

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Irish An Post to raise price for heavier items

Posted by | Feb 1, 2006 | |

Postal charges for heavier items are to be increased from later this month. The new charges announced by An Post yesterday will apply to letters, large envelopes, packets and parcels weighing from 50g to 100g. The current standard 48 cent charge for letters of up to 50g will remain unchanged. However, in a statement last night the regulator for the communications sector, ComReg, criticised An Post for comments on the charges which appeared to suggest that ComReg had approved the increases. “An Post has claimed that rates for posting large envelopes and packets weighing up to 50g will increase from Monday, March 20th, 2006, as required by ComReg. ComReg has not required An Post to increase these prices,” it stated. It said of the 20 principal postage rates quoted by An Post in a newspaper advertisement to be published today, only three are subject to ComReg’s prior approval. Under the increases introduced by An Post, postage for letters weighing between 50g and 100g will increase from 48 cent to 60 cent.

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