Romanian Post records gross profit of EUR 2.7 mln in 2016

The state-owned postal operator Romanian Post recorded a gross profit of around EUR 2.7 million last year, according to preliminary financial data presented yesterday. Its revenues amounted to some 249 million, up 1.9% compared to 2015. The postal operator saw a profit of EUR 5 million in 2014, after five years of losses, but returned to the red in 2015, when it posted EUR 7.4 million losses. The company has been under the management of the current economy minister Alexandru Petrescu from 2014 until this year when he joined the Sorin Grindeanu cabinet. During his term, Petrescu earned bonuses of EUR 64,000, according to data sent by the Romanian Post to Ziarul Financiar. A Court of Auditors report concluded that Alexandru Petrescu illegally received a performance bonus while he was the director of the Romanian Post. According to the report, Petrescu got a total bonus of EUR 53,000 during the time when he was director of the state postal operator. The Court of Auditors claims that this was illegal because the Post hadn’t set any performance criteria for granting the bonus. The Romanian Post, which is owned by the Ministry for Information Society (75%) and the investment fund Fondul Proprietatea (25%), has 80% of all the postal units currently operating in Romania. editor@romania-insider.com