Estonia, Good for Business, Post Office, Transport

Sales revenue grew 4.6% to 96.9 million euros and total operating revenue was up 4.2% at 99.8 million euros. Operating profit meanwhile halved to 719,000 euros and financial income totaled 895,000 euros, it appears from the annual report.

Revenue from parcel operations increased 12% year over year to 35.6 million euros, accounting for 36% of total revenue. Revenue of postal services was flat at 30.8 million euros and the revenue of international business, 28.7 million euros, was also unchanged from 2016.

Revenue generated in Estonia totaled 68.4 million euros, marking an increase of 9.8% year on year. Sales revenue connected with Chinese customers grew 3.8% to 14.6 million euros, revenue in Latvia surged 58.9% to 4 million euros and revenue in Lithuania was up 18.2% at 3.8 million euros.

The number of employees was broadly unchanged year over year at 2,239, while labor costs increased 8% to 33.7 million euros.

In the parcel business, Eesti Post continued a program of developing its parcel machine network, the logistics information system and the logistics center. In November the construction of the logistics center of Eesti Post began. The companies Eventus Ehitus and Nordecon are scheduled to complete the 13,000 square meter, 17.2 million euro structure in the territory of the Rae municipality not far from Tallinn in the fall.

Investments amounted to 14.4 million euros, including investments made by the parent company to 14.1 million euros. Investments this year are budgeted to total 30 million euros

Eesti Post group mainly operates in the provision of postal, logistics, and information logistics services, and processing e-invoices. In addition to the parent company AS Eesti Post, the group involves subsidiaries and related companies. The principal activity of SIA Omniva and UAB Omniva LT is the provision of parcel machine and courier services on the Latvian and Lithuanian market. AS Maksekeskus offers payment solutions to e-commerce companies in the Baltic region. OU Post11 provides holistic logistics solutions for delivering goods across the world. Tallinn