Russian Post reduced its loss by almost eight times in nine months

Russian Post reduced its loss by almost eight times in nine months

JSC Russian Post in the period from January to September 2023 received a net loss under Russian accounting standards (RAS) in the amount of 2.56 billion rubles. This is 7.7 times less than for the same period in 2022, when the company’s loss amounted to 19.6 billion rubles. Revenue increased from 153.4 to 155.7 billion rubles, should from financial statements.

The company told Interfax that the reduction in losses was due to cooperation with marketplaces, the development of air cargo transportation on its aircraft, as well as an increase in income from financial services. “A significant contribution to improving the company’s financial position was made by optimizing operating expenses and strengthening work with profitable segments,” the agency quotes the words of Elena Stepina, Deputy General Director for Financial and Economic Affairs of the company.

In 2022, Russian Post received a loss of 30.4 billion rubles, the company’s debt amounted to 133 billion rubles. In July 2023, the head of Russian Post, Mikhail Volkov, admitted that most of the debt “has no sources of return and repayment.” The company is currently trying to find mechanisms to reduce losses. One of the ideas is “infrastructure collection” from marketplaces – was discussed today, November 17, at a government meeting dedicated to improving the financial and economic condition of the company. Prime Minister Mikhail Mishustin did not support the idea.

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Polina Motyzlevskaya

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