International Internet Magazine. Baltic States news & analytics
Wednesday, 12.03.2014, 15:05
Latvijas Pasts concludes Q1 with profit
After achieving LVL 3.7 million in profit in 2012, Latvijas Pasts expects stable or even slightly growing profit levels in the next few years.
According to Kleinbergs, the company's profit has grown from LVL 686,000 in 2011 to LVL 3.7 million in 2012 due to a series of austerity and efficiency improvement measures.
Kleinbergs notes that many things have changed since the beginning of 2012 when he began working on the company's board. A year ago, he agreed with then transport minister on the main measures for ensuring the company's profitability – a reduction of administrative costs, new services and work with real estate. Since then, Latvijas Pasts has worked hard in these directions. The company has considerably reduced its administrative costs, merging various structures and reducing administration. Last year's profit is the result of these measures, says Kleinbergs.
Kleinbergs also points out that the company's transport and information technologies are worn-out and investments will be required to renew these assets during the next few years.