State to profit from Swiss Post record income

The state-owned Swiss Post group made a record profit of SFr909 million ($917.8 million) in 2007, an 8.6 per cent rise compared with the previous year.

This content was published on March 19, 2008 - 12:42

For the first time, a dividend payment of SFr250 million will be given to the government, Swiss Post announced on releasing its annual figures on Wednesday.

Turnover rose by 10.3 per cent to SFr8.71 billion, with operating profit at SFr866 million.

Swiss Post said in a statement that the growth had been mainly due to its financial services unit (PostFinance), where the operating profit rose by around 30 per cent to SFr318 million.

It added that PostFinance had not been affected by the current global credit crisis.

Swiss Post has been criticised for closing a number of rural post office branches and for its plans to cut jobs and restructure the company - a move it says will save SFr50 million annually without affecting basic services.

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