Swedish post office posts billion kronor profit

Despite largely unchanged turnover Posten, the Swedish post office, managed to make a profit of over a billion kronor for the second year in a row.

One reason is that the number of employees has declined by more than 2,000 to 33,520.

Profit after net financial income reached 1.3 billion kronor in 2005 compared to just under 1.1 billion kronor the year before.

Turnover increased by only 150 million kronor to 25.3 billion kronor. The slight increase was put down to increased sales within direct marketing and logistics. Income from what is still Posten’s core business, delivery of letters and newspapers, declined by 1% last year.

Fewer people than ever are using the Kassaservice cash counters, which Posten is in the process of winding up. The volume of transactions fell by 120% last year.

Managing director Erik Olsson said in the report that he was satisfied with the result but regretted the fact that a decision from the government on the future of Svensk Kassaservice had failed to materialise:

“This unfortunately means continued worry and insecurity for colleagues and a continued lack of clarity for customers,” wrote Olsson.