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Israel Postal Firm’s board of administrators has accepted the monetary report for 2021, which noticed the corporate lose NIS 175 million, after losses of NIS 643 million in 2020 that included NIS 383 million, put aside for compensation for retiring workers. Information of those losses come as Israel Postal Co. is in superior talks with the employees committee, for a pre-privatization restoration plan.
Israel Postal Co. reported income of NIS 1.62 billion in 2021, up 2.5% from 2020 however down 11% from 2019, earlier than the outbreak of the Covid pandemic – the latest 12 months during which the corporate reported a revenue.
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A “going concern” qualification was connected to the Israel Postal Co. monetary report by the auditors, “Globes” has been knowledgeable. The “going concern” qualification displays considerations concerning the firm’s capacity to satisfy its commitments within the quick time period. It additionally makes it clear that an aggressive restoration program is required, with the state injecting lots of of tens of millions of shekels into the corporate and layoffs of 1000’s of workers, if the federal government is to have the ability to transfer ahead with the privatization of the Postal Co. by promoting 40% of its shares on the Tel Aviv Inventory Alternate (TASE).
Estimates are that the restoration program would require shedding 1,500-2,000 Postal Co. workers, about one third of the workforce, and better than the unique estimate of 1,000. The present talks between representatives of presidency ministries and Postal Co. administration, and the employees committee are in a complicated stage and it’s hoped that an settlement in precept may be reached by the Passover vacation.
Printed by Globes, Israel enterprise information – en.globes.co.il – on March 28, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
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