An Post has reported an operating profit of €5.9m for last year – compared to a €11.5m loss in 2013.

The postal firm said its group turnover increased to €820.6m during the year – up 10.9% year-on-year.

Some of this came as a result of an increase in postal charges, which generated an extra €15.3m, while revenues from foreign exchange transactions also grew significantly.

This more than made up for a fall in revenue from Department of Social Protection transactions, which fell 5.2% in the year.

It also helped offset the 3.3% fall in traditional mail volumes recorded in 2014.

Meanwhile An Post’s operating costs also fell in the period, down 10.3% when compared to the figure recorded in 2013.

This was due to a €10m reduction in labour costs, as staffing at An Post continued to decline, while losses from the company’s Universal Service Obligation also fell.

The company’s CEO Donal Connell also saw his remuneration fall in the year – down 26% to €285,000.

This came as a result of a €55,000 reduction in his basic salary year-on-year, while pension contributions also fell 36.6% to €45,000.

Fees paid to chairman and former Aer Lingus CEO Christoph Mueller were up, however, rising 29.1% to €31,000.