Good for Business, Latvia, Post Office

The postal company’s management said in the report that the company’s 2017 result was largely affected by amendments to income tax regulations, as it reduced the company’s earnings by EUR 783,585. “The occurrence of these additional costs should not be seen as a figure characterizing the company’s actual performance in 2017,” the management said.

The bulk of last year’s revenues were generated from universal postal services, payment and intermediary services, retail trade, as well as untargeted advertising and cargo transportation. Revenues from transit services grew considerably, bringing in EUR 11 mln last year.

Meanwhile, revenues from press subscription and mail delivery services, express delivery services, deliveries of pensions, benefits and remuneration, as well as philately and other services declined last year.

In 2016, Latvijas Pasts turned over EUR 62.672 mln and earned a EUR 3.624 mln profit.

Latvijas Pasts is fully owned by the Latvian state and its basic function is providing the universal postal service. The company is also involved in providing philately, transportation, express mail, financial, press and IT services, as well as retail trade.