|Poczta Polska posted a profit of zł.163 million last year|
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State-owned postal operator Poczta Polska (Polish Post) will not be privatized in 2014, a Ministry of Administration and Digitization spokesperson has said. Artur Koziołek told daily Rzeczpospolita that the reason for this was that the company is still going through the restructuring process it started in 2008.
Mr Koziołek added that Poczta Polska will be floated on the Warsaw Stock Exchange in the future. There is however no decision yet on when this could happen.
In 2012, the postal firm had a revenue of zł.4.7 billion, with gross profit at zł.163 million. No results are available for the past three quarters, but the newspaper's sources claim that revenue is decreasing. The company's spokesperson, Zbigniew Baranowski, said that Poczta Polska hopes to end this year with a profit.
Poczta Polska is currently undergoing a restructuring process during which it plans to spend zł.1 billion on renovation, buying new equipment and rebranding. By 2015 it plans to increase its profits from insurance and banking services to 50 percent of total income (currently the figure stands at 20 percent).
Poczta Polska president Jerzy Józkowiak said that he hopes that after another year of the restructuring process, the company will be ready for its IPO.
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