R1.33bn

POST OF­FICE SUF­FERS LOSS

Finweek English Edition - - THE WEEK -

The strug­gling Post Of­fice has suf­fered a year-to-date loss of R1.33bn, against a tar­geted net loss for the year of R1.15bn, Busi­ness Day re­ported. This fol­lows a R1.5bn loss last year. To­tal rev­enue of R4.73bn per­formed marginally be­low the prior year’s R4.83bn, it said. CEO Mark Barnes, who was ap­pointed early last year to turn around the busi­ness, told par­lia­men­tar­i­ans on 9 May that the en­tity was aim­ing to re­turn to prof­itabil­ity by 2018. He says the Post Of­fice wants to be a lead­ing provider of postal, lo­gis­tics and fi­nan­cial ser­vices and be a key driver of the gov­ern­ment’s ser­vice de­liv­ery ob­jec­tives, the news­pa­per said.

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