Huge loss for Belgian post office

2 June 2004

BRUSSELS – The Belgian post office lost over EUR 64 million in 2003, it emerged on Wednesday.

Unveiling its official results for the year the post office said it had lost a total of EUR 64.3 million last year.

It blamed the loss on ‘pressures’ on its revenues from letter and parcel deliveries.

Many analysts say most of these pressures stem from over staffing and high wage costs.

The post office says it has tried to streamline this operations since the beginning of this year but experts say it is still to early to tell whether its efforts are bearing fruit.

Subject: Belgian news