COMPANY NEWS Monday, 2 November 2009 - 13:02 |
Hellenic Post Bleeds, Set To Go Through Major Restructuring |
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State-run Hellenic Post (ELTA) is to go through major restructuring ahead of the liberalization of the postal services market in 2013.
It is noted that on a European level, the liberalization is set to be implemented on 2010. Greece was granted a two year extension on the grounds of its geographical particularities, that is its numerous islands. The government is set to gear ELTA towards new, innovative services and products with new technologies on the spotlight. Sources told Capital.gr that the shut down or the merger of ELTA units seems to be an one-way street in the new, extremely competitive environment that is emerging. The company is bleeding on costly payrolls due to the numerous staff (11,000 employees) of the national network, that counts 800 post offices. The big bet for the postal services provider is the differentiation from the traditional postal services, that currently account for more than 85% of the company´s turnover. ELTA posted H1 2009 losses that exceed 15 mil. euro with its operational profitability being flat. |
Symbol
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GD Turnover mln. € |
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