Swiss Post’s operating profit dropped 6 per cent in the first quarter of 2012 on higher costs andflat revenues, with mail profits up but logistics profits down.
In the first three months of 2012, Swiss Post achieved a group profit of CHF 299 million, andthereby almost equalled the good result achieved in the same period last year. The 6 per centdecline is attributable to an additional number of one-off expenditures, including higher wages andlegal costs related to its forthcoming legal restructuring, the company said.
Turnover increased by 0.4 per cent to just over CHF 2.2 billion, leaving the operating profitmargin at 13.1 per cent, down from last year’s 14.4 per cent figure. The company invested CHF 77million, some CHF 15 million more than in the same period last year.
PostFinance, the financial services unit, remained the dominant profit-maker with a slightlylower operating profit of CHF 178 million on revenues of CHF 611 million.
The communications business area increased its operating profit by 9 per cent to CHF 60million on flat revenues of CHF 1.3 billion. The letters business PostMail made an operating profitof CHF 85 million on revenues of CHF 828 million, both down slightly on last year. The Post Officenetwork reduced its operating loss while Swiss Post Solutions maintained its break-even position.
The figures excluded Swiss Post International which is due to become a joint venture owned bySwiss Post and France’s La Poste.
Post Logistics, the parcels and logistics business, saw operating profits decline 13 per centto CHF 40 million while its revenues grew 3 per cent to CHF 386 million.
Swiss Post said that based on these results it forecasts good annual results for 2012, albeitslightly down on the very good results achieved in 2011.
