May 14, 2020 / 5:57 AM / 11 days ago

Austrian Post sees lower 2020 earnings due to virus

FILE PHOTO: Austrian Post containers are seen at the Austrian Post logistics centre in Vienna, Austria March 26, 2019. REUTERS/Leonhard Foeger

(Reuters) - Austrian Post (POST.VI) expects a decline in 2020 core profit as the coronavirus pandemic hit its letter mail business in the first quarter, the company said on Thursday.

Increasing parcel revenues cannot offset revenue losses in the high-margin mail division due to the high level of fixed costs in the logistics business, the company said.

The majority state-owned group said its objective was to keep revenue development as stable as possible, compared to a previously cancelled forecast for full-year revenue to remain stable or rise slightly compared to the 2019 figure.

Reporting by Zuzanna Szymanska in Gdansk; Editing by Himani Sarkar

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