An Post has reported a pre-tax loss fo €25.6m for last year as a 10% fall in the volume of post reduced its turnover. The company said it expected a further 4% drop in mail this year.
Its 2009 turnover fell 5.4% to €804.2m, while operating profits fell to €5.7m. There were also losses of €10.6m at Postbank joint venture, which is being would down.
An Post also took a €20.6m hit from a fall in the value of its pension fund assets. It said it was working with trustees to narrow the current €400m deficit in the pension fund.
An Post said its day-to-day costs were reduced by more than €20m to just under €800m, with its workforce cut by around 400.
The company said its retail business performed strongly, helped by strong demand for State savings products which it runs on behalf of the National Treasury Management Agency. An Post will also be selling the new National Solidarity Bond.
