State-owned postal and logistics company Eesti Post/Omniva made a net loss of €700,000 in the first nine months of 2019, despite an 18.4 percent year-on-year (y-o-y) growth in revenue, to €89.9 million.
Last year, the company made a profit of €300,000, it is reported.
A new logistics center being opened in Q4 2018, a new sorting line in Q1 this year and wage growth for some employees in Q3 were all behind the losses, BNS reports, which in terms of operating losses were €500,000.
The company has been at the center of controversy over the proposed hike to delivery of newspapers and periodicals, set by former IT and foreign trade minister Kert Kingo (EKRE) at over 11 percent, shortly before she resigned.
Eesti Post says it needs the price increases to cover rising wages and other costs; media interests have said it would be the death knell of such deliveries in more remote areas of the country.
- Sales revenue: Grew 18.4 percent to €30.7 million.
- Net profit/loss: Net loss of €548,000, compared with net loss of €425,000 last year.
- Number of employees: 2,265 (16 percent rise).
- Labor costs: 12 percent rise in first nine months of 2019, to €30.7 million.
- Share capital: €31 million, with €92.2 million in assets, compared with €30.1 million and €83.1 million at the same time last year.
AS Eesti Post falls under the Ministry of Economic Affairs and Communications responsibility, and includes subsidiaries AS Maksekeskus, UAB Omniva LT in (Lithuania) and SIA Omniva (Latvia), as well as OÜ Post11 international logistical solutions.
Editor: Andrew Whyte