Czech Post operated at CZK 1.7 billion loss in 2022

Czechia’s struggling state-owned postal company Czech Post, recorded a loss of CZK 1.725 billion in 2022, following up on more than a billion crowns in losses the year before, according to the company’s own Friday press release. Falling revenues from service sales and postal traffic were not offset by the company’s significant downsizing efforts, which saw employee numbers fall by 2,000 to just under 23,000.

The company is expected to announce a large-scale restructuring plan by the end of the first half of this year. This is expected to include the closing down of many of its branches as well as further downsizing. It these changes are not implemented, the company expects its losses would reach CZK 4 billion in 2023 and lead to its bankruptcy.