Business News

NKBM Halves Pošta Slovenije Net Profit

Maribor, 28 March (STA) - State-owned postal operator Pošta Slovenije ended 2011 with a net profit of EUR 8.9m, only half as much as in 2010, largely due to an impairment of its investment in the NKBM bank, the company said on Wednesday. Operating revenues were at EUR 238m, down 2% year-on-year.

In early 2011 Pošta Slovenije was controversially told by the Capital Asset Management Agency (AUKN) to take part in a capital increase, which left it saddled with a stake in NKBM that it has had to impair.

"Despite the obligation to invest in NKBM, profit is still solid. We've learned enough through the economic and financial crisis to successfully steer on in the coming years," said director general Aleš Hauc, who will shortly take over as the boss of NKBM.

Taking into account the current economic environment and the fully liberalised postal services market, Pošta Slovenije expects operating revenues to rise by 1%. Pre-tax profit is projected at EUR 22m, deputy director general Igor Marinič told the press.

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