Eesti Post's losses double despite strong growth in turnover
State-owned postal service company Eesti Post, which operates under the Omniva brand, has seen a strong increase in turnover in the first nine months of this year. Nevertheless, the company is still making a clear loss.
Eesti Post's turnover has risen by almost six percent to €100 million. Its losses however, are €4.4 million, more than double the amount at the same time in 2023.
Eesti post's sales have been boosted by its rapidly growing parcel business., while its losses are mainly down to the universal postal service.
"Unfortunately, a part of our losses are due to the postal service, which generated a loss of well over €1.5 million for this period. However, the losses also come from one-off costs. This year we opened a large logistics center in Kaunas and also moved from Vilnius to Kaunas, which resulted in relocation costs," explained Omniva CEO Mart Mägi,
"And like many other companies, with considerable regret, we have made lay-offs this year. This resulted in a cost of more than €0. 5 million," said Mägi, who added that the company had laid off more than 200 people in the Baltic states, almost half of which have been in Estonia.
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Editor: Merili Nael, Michael Cole
Source: "Aktuaalne kaamera"
