An Post has reported an operating loss of €42.9m, the highest operating loss experienced since An Post was established as a State owned commercial company in 1984.
Ms Margaret McGinley, chairperson of the Board of An Post, acknowledged that serious problems had emerged during the year when it became clear that the company would not meet its original budget forecast to stem the losses in 2003 and return to profitability in 2004.
Chief executive Donal Curtin says that An Post remains on a "financial knife-edge." The overwhelming imperative for An Post was to reduce its overall costs and achieve revenue growth in line with projections, he said.
"We simply must become more efficient in how we organise our businesses and conduct our affairs. The evidence for urgent, real change is stark and this essential change cannot be further delayed," Mr Curtin added.