An Post has reported a loss of €70m last year, its biggest deficit since being established as a commercial state company in 1984.
On an operating basis the company lost €17m last year, compared with €6.7m in 2001, but an additional €53m charge was made against this year's accounts to pay for a redundancy programme that will result in over 1,000 staff leaving the company over the next two years.
An Post is blaming rising labour costs and inadequate increases in the price of stamps for the losses.
The company is currently waiting for approval from the Commission for Communications Regulation (ComReg) for an increase in the price of a basic stamp from 41 to 48 cent. Earlier this year ComReg approved an increase in the price of sending international mail.
New chief executive Donal Curtin, a former senior ESB executive, says a full review of the business is under way.
An Post stirred up political controversy earlier this year with a proposal to deliver rural mail to road side letter boxes. This was subsequently rejected by ComReg.
