Russian Post increases revenue 5.7% in H1 to 81 bln rubles
MOSCOW. Aug 15 (Interfax) - Russian Post increased revenue to Russian Accounting Standards (RAS) 5.7% in H1 2017 to 80.8 billion rubles, the state-owned company said in materials.
Russian Post's revenue growth is usually due to an increase in incoming international mail, the company's press service said. "In H1 2017, Russian Post processed 147.4 million international postal items containing goods, up 50% on H1 2016," the company said.
Revenue from post services were 61.8 billion rubles, up 5.2% and from commercial activities - 10 billion rubles, up 3.6%. Money transactions (money transfers, collection of communal payments and pensions) brought the enterprise 4.8 billion rubles, 2.5% more than last year, the company's report said.
The company posted a 5.4 billion ruble net loss in H1 compared to a 2.9 billion ruble net loss last year. The company said that losses widened due to the growth of payroll following an 8.5% rise in average wages in H1 2017. "It's worth noting that on the whole, staff expenses accounted for 60% of all the company's costs and have a significant impact on the performance of financial results," the press service said.
Russian Post is planning to breakeven in 2017 through a growth in business activity in H2.