The 2015 financial results for Iceland Post did not meet our expectations. The main criteria for the annual budget were met – except that price increases for 0-50 g letters within the exclusive right necessary to meet the universal service obligation and reduction of delivery days in rural areas, due to fewer letters sent, did not go forth as planned. This resulted in a loss of ISK 118 million in 2015, instead of the ISK 150 million profit forecast in the budget. This is the third year in a row, and the fourth year out of the last five, that the company has posted losses, with losses for 2015 exceeding the previous year's losses by approximately ISK 75 million.
