The revenue of the state-owned Estonian postal company AS Eesti Post in the first quarter of 2013 was 12.6 million euros, marking an increase of 9 percent year on year.
Eesti Post boosts quarterly revenue 9 pct to EUR 12.6 mln
5th May 2013, 15:58
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Logistics services were the main factor behind the growth.
The CEO, Aavo Kärmas, said the result was in line with expectations. Revenues from logistics services grew 32 percent year on year, revenues from postal services 2 percent and revenues from infologistics services 23 percent, Eesti Post said on Friday.
Labor costs, the largest cost item for Eesti Post, totaled six million euros in the first quarter.
Investments by the company this year are budgeted to total 4.8 million euros and the money would be used primarily for the development of Baltic parcel services and e-services.
Eesti Post's revenue in 2012 grew 9 percent year on year to 52.7 million euros. Operating expenses totaled 50.3 million euros, up 7 percent over 2011. The net profit made during the financial year was 2.5 million euros. Investments totaled 4.8 million euros, compared to 2.5 million euros in 2011.
The Eesti Post group consists of the parent company Eesti Post and the subsidiaries Eesti E-arvete Keskus OU (Estonian E-Invoicing Center), EP-24 UAB and UAB Unipakas in Lithuania, and Post24 SIA in Latvia. The group employs a workforce of 2,539.