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File photo Sasko Lazarov/Photocall Ireland
Annual Report

An Post likely to increase prices after losses of €39.4 million

Their annual report for 2012 said that mail prices were “not currently at a sustainable level.”

AN POST’S ANNUAL report for 2012 has revealed after tax losses of €39.4 million.

This consisted of an operating loss of €17.5 million, coupled with a pension deficit charge of €19.8 million, in addition to a group corporation tax charge of €0.1 million and the minority share of profits in subsidiaries of €2 million.

Its turnover for 2012 of €807.3 million was up marginally on the €806.7 million in 2011.

In comparing its operating loss for last year with its profits of €2.2 million in 2011, the group said that any such comparisons were “skewed” by the fact that revenues of €28 million were generated in 2011 by both the General Election and Presidential Election mailings.

Pension deficit

The An Post pension scheme deficit dropped from €484 million in 2011 to €285m as at 31 December 2012, which the group said was mainly down to improved investment performance.

Net assets

Its net assets (excluding pension deficit) dropped by over €20 million over the year, down from €319 million in 2011 to €297.3 million in 2012.

Mail prices

Further increases in mail prices look likely in the year ahead, with the report stating that they were “not currently at a sustainable level.”

The report went on to say:

Therefore regular price adjustments along with major cost reduction and revenue enhancement are necessary and form a key part of the Company’s business plan.

Read: Call for BOI to introduce bank accounts with An Post >

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