Postal and parcel delivery company PostNL saw its turnover and profit fall in the third quarter. The main reason for the decrease is the new VAT rules for mail and parcels from outside the European Union, and other laws and regulations in China as of July 1.
Since 1 July, VAT must also be paid on smaller online purchases (up to 22 euros). Previously, such orders were exempt from taxes. Orders at Chinese webshops such as AliExpress and Wish are therefore a lot more expensive, so that people buy less. According to PostNL, the impact on the results of international mail and parcel volumes is 8 million euros.
The parcel deliverer thinks that the dip in purchases due to the VAT effect is temporary.
The decline in foreign parcels was offset by an increase in domestic mail and parcel delivery. The growth in parcels did decline slightly due to the reopening of stores and because people can move around more freely. The postal company benefited from the ‘corona post’ around tests and vaccinations.
In terms of expectations, PostNL believes that the growth trend in e-commerce will continue. There remains some uncertainty about the temporary effect of the adjusted VAT rules and the rising costs. In addition, disruptions in the global chains make it difficult for large customers to make firm predictions about mail and parcel volumes.
PostNL’s turnover in the third quarter amounted to 729 million euros, compared to 742 million euros a year earlier. The net profit amounts to 13 million euros, against 24 million in 2020.
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