BUSINESS COMPANIES ECONOMY FINANCE&BANKING

Romanian Post reports 3.8 million euros in 2016 gross profits

The Romanian Post National Corporation (CNPR) has reported a 2016 gross profit of 3.8 million euros (17.2 million lei), on revenues of 1.135 billion lei, compared with a loss in 2015 of 30 million lei following the payment of a fine slapped on the corporation by the Competition Council for unfair trade actions in 2010-2012.

According to the corporation’s final financial results, its expenses stood at 1.117 billion lei in 2016, below revenues of 1.135 billion lei, which gave a 2016 gross profit of 17.2 million lei (3.8 million euros).

“We should remember that the Romanian Post is still recovering from past debts. There is the fine from the Competition Council for years 2011-2012, as well as liabilities due computed by the National Tax Administration Agency (ANAF) for years 2003-2012. The corporation has paid its due to ANAF in monthly installments and is on schedule with the payments as its debt rescheduling allows a staged growth following investment prioritisation to meet the needs for implementing Post projects (…),” according to Romanian Post Director General Andrei Stanescu.

External auditors and lenders say the 2016 financial reports of the Post reveals a clear and positive image, but additional actions are still required, such as support from the stakeholders to secure fining for the corporation.

According to a press statement released by CNPR, the Romanian Post is expecting a capital augmentation performed by its two shareholders – the Ministry of Communications and Information Society and Fondul Proprietatea to conclude before September 2017, thus securing the necessary premises for a new stage in the development and modernisation of the Post.

Initially, the Romanian Post reported a gross profit of 6.8 million lei for 2015, but after auditing, the reported profit ended up being a loss of 29.4 million lei because of the fine it had to pay for unfair competition.

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