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Magyar Posta revenues up, profit down in 2016

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Revenues of Magyar Posta edged up 1% to HUF 191 billion last year, the state-owned postal company told MTI. After-tax profit fell 8% to HUF 3.1 bln, however.

Capital expenditures were up 20% at HUF 12 bln and went towards fleet expansion and IT upgrades.

Magyar Posta managed some HUF 700 bln in client savings, up 20%. It had 54,000 clients with securities accounts at yearʼs end. It also signed almost 232,000 insurance contracts with clients.

Magyar Posta Logisztika, the companyʼs express delivery business, handled 17.6 million packages last year, up 12%. The business was the market leader with a 35% market share.

The service said it delivered 325 million letters last year, up almost 1%.

Clients paid in some 210 million postal checks with a combined value of HUF 2.207 trillion in 2016.

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