Posts Makes Rs. 7.7B Loss
BY Paneetha Ameresekere
Department of Posts, impacted by the COVID-19 Pandemic, recorded an operating loss of Rs. 7.7 billion in 2020 in comparison to the loss of Rs. 5.3 billion in 2019, Central Bank of Sri Lanka’s (CBSL) Annual Report 2020, said.
This was the combined outcome of a 24.2 per cent decline in revenue to Rs. 6.4 billion and a 2.2 per cent increase in operating expenditure to Rs. 14 billion during 2020, it said. The Department carried out its services through 653 main post offices, 3,409 sub post offices and 134 agency post offices.
Considering the changing nature of activities and the needs of the economy, it is essential to focus on the urgent modernisation of the department’s domestic and international services to reap the benefits of the growing demand for courier services, CBSL said.