The Romanian Post recorded a net profit of EUR 4.37 million after the first nine months of 2016, double compared to the result recorded at the end of September last year.

The revenues also recorded “an upward trend”, said the postal operator’s general director Alexandru Petrescu, reports local Economica.net.

The historical debts remained at a “rather alarming level for the company’s long-term sustainability”, despite “our constant effort”, he added.

The Romanian Post continues to refinance old debt through bank loans, which also cover the financing of the company’s daily activities. Banca Transilvania will give the postal operator a RON 20 million (EUR 4.4 million) loan for one year, according to a contract attributed at a public tender last week.

In August, the postal operator contracted another three-year loan of RON 30 million (EUR 6.6 million) from state-owned EximBank. In April, OTP Bank granted it RON 20 million (EUR 4.4 million) for one year.

The negotiations for getting a loan of EUR 46.1 million from the European Bank for Reconstruction and Development, which will be used for modernizing the postal operator, are also in an advanced phase.

editor@romania-insider.com