Pre-tax profit in January-August exceeded the pro rata target by HUF 1.5 billion, Szűts said.

In spite of the bigger profits, Magyar Posta expects revenue to fall HUF 5 billion under the target because of a drop in letter, package and newspaper deliveries. The fall in revenue will be offset by cost cuts, which the company made without laying people off.

In spite of the crisis, Magyar Posta is spending HUF 13 billion on investments this year. It will complete renovations at 48 post offices in 2009 and renovate another 89 over the next year and a half. The company will trade in about HUF 1 billion of its trucks for smaller, more efficient vehicles this year. It will put its employees on about 5,000 new bicycles purchased at a cost of HUF 370 million, and it will spend HUF 500 million on making post offices accessible to people with disabilities.

Magyar Posta will test about 15 automated bill payment terminals in cooperation with Erste Bank at the end of 2009 and the beginning of 2010. The terminals will be tested for 3-4 months before a decision on further developments is made. (MTI-ECONEWS)