Net sales decreased to €82.71m from €93.74m, while total revenue declined 7.2% to €89.04m. The smaller reduction in total revenue reflected a sharp increase in other operating income, from €2.20m to €6.34m. Profitability nevertheless improved materially.

The improvement was supported by lower costs: staff costs declined 3.2% and other operating costs fell 23.0%. However, cash conversion remained weak. Operating cash flow was €1.47m, and free cash flow remained negative at €5.03m. Total assets contracted 11.8% to €113.43m, while equity increased 11.4% to €24.01m. The current ratio declined to 0.75, indicating that current liabilities continued to exceed current assets. The post saw its EBIT margin decline to 0.4% in 2023, down from 1.1% the prior year. The company reported a net profit of €0.5m for 2023, compared to €2.2m the previous year. The number of FTEs at Latvian Post fell 8.1% in 2023 to reach 2,657 employees. For more details, download the latest IPC Carrier Intelligence Report for Latvian Post.

 

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