March 1 Reuters Belgian postal operator Bpost, which also distributes newspapers, reported a decline in fullyear operating profit on Friday, and did not provide an outlook for 2024, citing discussions with press stakeholders.

The group39;s shares fell as much as 5.2 and then reversed course, rising around 1.3 in early trading.

The group, which delivers mail and parcels and provides ecommerce logistics, reported adjusted earnings before interest and taxes EBIT of 248.5 million euros 268.63 million for 2023, down 10.8 from a year earlier.

Bpost has been under pressure due to speculation that the Belgian government could choose other companies for the distribution of newspapers and periodicals in the country.

The group has important challenges in finalising agreements with government services for last year39;s compliance audits, and securing a positive future for press distribution in Belgium with local editors, CEO Chris Peeters said in a statement.

A major transformation is necessary … that is our priority in the next months and years, he added.

Last November, the company said it had not decided on its concession on newspaper distribution, although a month later, the Belgian government extended two press concessions, allowing Bpost to continue distributing daily newspapers.

Bpost said it would propose a dividend of 0.13 euro per share for 2023, down from a payout of 0.40 euro for 2022.

Degroof Petercam analysts said they were underwhelmed by the dividend…