Eir and An Post return profits

The postal service has doubled its profit, while Eir weathered flood expenses

Eir and An Post return profits

Eir, Facebook

The country’s largest telecommunications company, Eir, incurred one-off exceptional costs of €5m during the first three months of the year as it implemented network repairs due to flooding

The company has announced third quarter results for the three months to March during which revenues increased by 3% to €321m compared to the same period last year, while operating profits rose by 4% to €125m.

Eir also confirmed that it has completed the acquisition of Setanta Sports.

An Post more than doubled its profits from €3.3m to €8.6m last year, due to higher postal revenues, and despite continued falling volumes; reduced costs and higher income other activities including State Savings products.

The company reported that more than 40 post offices in its network were completely refurbished and 14 vacant post office contracts were advertised.

Chief executive Donal Connell said that it was a year of, "significant challenge and progress."

"Our strategy of implementing appropriate pricing and cost efficiency measures in the core business while maintaining high standards of service quality, product innovation, and diversification has to-date enabled the company to adequately cope with unprecedented threats and challenges," he continued.