The company last generated profits in 2007.
“We planned to end the year 2011 with the net earnings of 556,000 litas but in fact we earned 736,00 litas, which is 32.4 percent more than planned. Lietuvos Paštas continued to implement its goals last year – it reduced operating costs and increased sales revenues. These were the key reasons behind our good performance,” Lietuvos Paštas CEO, Lina Minderienė, said in a press release.
In 2011 the company’s EBITDA totaled 9.411 million litas, as compared with the negative EBITDA of 1.567 million litas a year earlier.
The sales revenues last year rose by 5.2 percent, year-on-year, to exceed 183 million litas. The increase was largely driven by active sales and marketing campaigns, as well as the general recovery of Lithuania’s economy, the postal operator said.
The company’s service volumes last year increased by 4.5 percent. Universal postal services accounted for 49.4 percent of total revenue. The revenues on courier services rose by 11.8 percent versus 2010.
Lietuvos Paštas is fully owned by the state.