The cumulative loss of Russian Post under international financial reporting standards (IFRS) in the first half of this year increased six times compared to the same period in 2021. This is stated in the financial statements of the company, published on Monday, August 29th.
Thus, losses increased from 3.5 to 19.5 billion rubles. At the same time, the organization’s sales revenue increased by 2.7% to 107 billion rubles.
Compared to the first half of last year, operating expenses increased by almost 24%, to 131.4 billion rubles.
The loss from investments in joint ventures grew and reached almost 3 billion rubles (previously it reached 191 million).
The company’s press service reported that the loss in the first half of the year is related to the seasonality of the business. Usually, Russian Post receives the bulk of its income from September to December.
In addition, since the beginning of 2022, the costs of logistics, equipment depreciation, the purchase of consumables, and so on have increased.
Russian Post received a loss from exchange rate differences. It arose after the conversion of all foreign exchange income, expenses, liabilities and account balances into rubles at the exchange rate as of June 30, 2022, ”the press service summed up (quoted from TASS).
Earlier it was reported that Russian Post launched the Global Mail service for purchasing goods in foreign online stores and delivering them to Russia through intermediaries in the United States.