An Post records losses of €25m

AN Post had pre-tax losses of €25.6 million in 2009 in what it called its most commercially challenging year ever. Profit before tax in 2008 was €39.9m.

The massive fall in profits were due to €10m losses at Postbank and a €20m pension charge. It said its pension scheme fell well short of meeting the necessary minimum funding standard, despite its deficit reducing to €403m last year from €582m in 2008.

However, An Post made a €5.7m operating profit for 2009 on a turnover of €804.2m, down 5.4% (€45.8m) from €850m in 2008.