Positive start of the year for Swiss PostOTHER NEW

Positive start of the year for Swiss Post

Tuesday, May 28th, 2013

Swiss Post achieved a Group profit of 222 million francs in the first quarter of 2013, (previous year: 263 million francs), adjusted to take one-off items into account, and an adjusted operating result of 272 million francs (previous year: 269 million francs). Although higher taxes meant the Group profit fell 41 million francs year-on-year, Swiss Post’s operating result was 3 million francs above last year’s figure due to good cost management.

Equity stood at 5,079 million francs before appropriation of profits, allowing Swiss Post to provide its subsidiaries, and PostFinance Ltd in particular, with the necessary capital for their demerger.

Therefore, Swiss Post has made a successful start to this year which will see a change in its legal status.  On 26 June 2013 Swiss Post and PostFinance are scheduled to become public limited companies.

In the first three months of 2013, Swiss Post generated operating income of 2,156 million francs. This represents a decline of 3.1 % (previous year 2,224 million). The operating result stood at 272 million francs, which is 3 million francs above the previous year’s level thanks to good cost management. Group profit stood at 222 million francs, which is 41 million francs lower year-on-year. This drop is due to an increase in current income tax to 38 million francs (previous year: 2 million).

All four markets contributed to the positive overall result. However, the trends varied from market to market. Modifications to internal payments for services resulted in a rise in the normalized operating result in the communication market and led to a decline in results in the logistics market and – in combination with other factors – in the retail financial market. In the public passenger transport market, significant cost pressure caused a slight decline in the result. The number of addressed letters fell by 3.1 % (due to the number of working days, amongst other factors). Parcel volumes rose by 2.6 % compared to the same quarter of last year. The number of kilometres covered by PostBus increased by around 3 %.

Source: Swiss Post

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