Israel Postal Company, known as Israel Post, the Government -owned corporation that owns the Israeli postal system, reported that it made a profit last year on 4% higher revenues of 1.84 billion (US$486.3 million).
It had an operating profit of NIS84 million for the year and a net profit of NIS42 million, in contrast to a NIS6 million operating loss for 2014 and a net loss of NIS55 million that year.
The improvement in its financial results follows implementation of an efficiency plan that the postal company’s bondholders had pressed for. It included layoffs, a reduction in the number of days that mail is delivered and a change in the post office’s pricing, but also expanded post office hours.
The postal company has seen an increase in the number of parcels that are sent from abroad, and in general has seen a shift in its revenue sources, with 19.4% coming from the delivery of mail from abroad, 2.5% from courier services and 3.6% from the postal bank.
