Czech Post’s loss deepens to CZK 1.25 billion

Czech Post reported a loss of CZK 1.25 billion last year, CZK 500 million more than in 2022, according to preliminary results. The shortfall was mainly due to the failed sale of its main Prague post office building, which was expected to generate CZK 1.4 billion, CEO Miroslav Štěpán told the Czech News Agency on Friday.

The state-owned company’s worst loss came in 2022, when it reached CZK 1.75 billion. Fearing insolvency, the government launched a transformation plan to stabilize Czech Post and return it to profit by 2026.

Under the restructuring, Czech Post has cut operating costs by CZK 3 billion, adjusted pricing, and renegotiated customer contracts, generating an extra CZK 1 billion. The company last turned a profit in 2017.