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Bern, Switzerland (GenevaLunch) – The Swiss postal system, La Poste, had first quarter 2009 profits of CHF198 million, down CHF30m or 13 percent from the same period in 2008. The group faces greater competition in July 2009 and falling revenues from letters, down 3.1 percent in the first three months of the year. It says it expects earning for 2009 to be down sharply from 2008.

La Poste says its lower profits were due “to pay rises, writedowns on financial investments necessitated by the situation on the financial market during the quarter under review, as well as the decline in letter volumes.” Operating income rose by CHF 35m to CHF 2,208m, due mainly to “currency effects in international postal traffic.”