CORPORATE BRIEFS

Slovak Post sheds weight

Transport Minister Ján Jasovský announced a rationalisation and modernisation programme at Slovak Post on August 30. Refuting rumours of massive layoffs, he did concede that the massive state-owned postal service wanted to reduce labour costs from their present level of 64% of total costs to under 30%. Of the current 18,000 employees, Jasovský estimated the company would lose 750 by the end of the year.

Slovak Post made a profit of 54 million Sk for the first six months of 1998. There are currently 1,618 post offices in Slovakia, of which 200 are automated and represent 80% of Sloval Post's turnover. Only 400 post offices make a profit, while the rest are perpetual loss makers.

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