Posta Romana Revises ’09 Pre-Tax Pft Forecast Up 13-Fold, At RON4.9M

Romania’s state-owned postal company Posta Romana forecasts a pre-tax profit of 4.78 million lei (EUR1=RON4.2181) in 2009, according to the budget approved recently by the government, the result being over 13-fold higher than in the initial version, which was based on a RON317,000 profit.

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Posta Romana’s pre-tax profit is seen higher on the backdrop of cutting expenses with the personnel. The company's budget was approved by the government June 10, and was published Monday in the Official Gazette.

The company’s total revenue is seen at RON1.543 billion, up 5.5% from 2008. The initial budget was based on a 17.2% growth, at RON1.72 billion.

Posta Romana forecasts RON1.539 billion expenses, also 5.5% higher on the year. In the initial version, the company's expenses were estimated at RON1.714 billion.

Personnel expenses are set at RON901.687 million, up 5.5% on the year, but down by almost RON42 million compared with the initial budget.

The company plans to make RON289.2 million investments in 2009, over 7-fold higher compared with RON40.34 million in 2008.

Posta Romana will assign RON81.1 million from own sources and the difference will be covered from banking loans.

The company’s average number of employees will increase from 35,576 in 2008 to 35,600 in 2009.

Also, the average monthly salary will increase 6.5% in 2009, at RON1,492.

Poata Romana is the largest postal operator in Romania and its territorial network includes 7,100 units.

The company is owned by the Ministry of Communications, with a 75% stake, and investment fund Fondul Proprietatea, with a 25% stake.

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