Russian Post posts loss in H1 despite Q2 profit.

By bne IntelliNews August 2, 2012
Russian Post announced its financial results for Q2 and H1, according to which RUB 552mn (USD 17mn) loss was posted in H1. Accounting standards were not provided. In Q1 alone, state-owned postal service reported net profit of RUB 1.46bn, modest profit attributed to the government not providing subsidies for various services including public internet access sites. In Q2 and H1 revenues increased by 9% and 7.4% y/y to RUB 32bn and RUB 62.7bn, respectively. In Q2/12 400mn letters were delivered, up by 10% y/y.

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