Cost reductions bring 29% profit boost at Norway Post

Norway Post said today that cost-cutting and improvements to its business have helped operating profits surge 29% in the first half of the year.

Further changes are on the way, particularly in logistics and the retail division, where nearly 1,000 jobs could go, the company said today.

Releasing its latest financial results for the first two quarters of 2012, Norway Post said it managed to stabilise revenues at a similar level to the first half in 2011, bringing in NOK 11.3bn ($1.9bn USD) during the six months to the end of June.

Operating profit before one-off costs and amortization (EBIT) was NOK 381m ($65.3m) for the half.

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