The post also recorded strong growth for its parcel business in Estonia, Latvia and Lithuania, with revenue increasing 15% in the year. Growth for these segments more than offset a decline for the postal business.
However, strong competition in the parcel and transit sectors, as well as losses stemming from the universal service, resulted in negative EBIT for the first time in more than a decade. The post was able to turn around performance in Q1 2020, through cost-cutting measures and strong parcels growth. For more details download the latest IPC Carrier Intelligence Report for Omniva.