An Post has announced after-tax profits of more than €40.7m for 2005, boosted by the one-off sale of electronic top-up companies in the UK and Spain which netted nearly €60m.
An Post said its second successive year of profits reflected tighter control of costs and improved cash reserves, a radical change from the situation in 2003 when a cash crisis prompted the sale of company property.
The company's annual report showed an operating profit of €16.2m, up from just under €2m in 2004. Operating costs fell for the second successive year, down €16.5m to €736.7m. Payment of the full terms of the Sustaining Progress agreement added €38m to payroll costs.
An Post says a rationalisation of SDS is producing savings of €10m a year and the business is now profitable.
It has set aside €40m for restructuring costs arising from a deal agreed with the Communications Workers' Union late last year.
