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Posti suffers due to sharp decline in letter volumes

The state-owned postal company’s operating profits decreased by five million euros.

Postin kuorma-autoja ja pakettiautoja Postintaipaleella Helsingin Ilmalassa.
Posti noted a 24 percent drop in the number of letters posted. Image: Janne Järvinen / Yle

National carrier Posti performed poorly in the second quarter of 2020 due to the effects of the coronavirus crisis, according to a company release.

Posti’s adjusted operating profits decreased to 3.1 million euros from 8.1 million euros a year ago. Net sales decreased slightly to 392 million euros.

According to Posti, there was a record 24 percent drop in the number of letters posted in the second quarter. However, the company noted a clear increase in daily, weekly and monthly package volumes since March due to the pandemic.

"The coronavirus situation has further accelerated the decline in volumes. This has increased pressure to speed up a Posti overhaul," CEO Turkka Kuusisto said in the release.

It was earlier reported that Posti's operating profit rose in the first quarter of 2020 to 12.6 million euros, up from 12.2 million euros a year ago.

Despite predicting that revenues would decline due to the effects of the coronavirus pandemic, Posti had said it expects a better overall result than last year, as 2019's figures were impacted by a three-week postal strike by workers in November.

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