NZ Post 1H profit drops 19% on reduced Kiwibank contribution

Sun, 19 Feb 2017

By Sophie Boot Feb. 20 (BusinessDesk) - New Zealand Post's first-half profit dropped 19 percent after the sale of almost half its stake in Kiwibank reduced income and as revenue from traditional postal services continued to decline. Net profit fell to $89 million in the six months ended Dec. 31, from $110 million a year earlier, the state-owned enterprise said in a statement. Revenue dropped 9 percent to $467 million, while expenditure declined 12.7 percent to $446 million. The company is in the fourth year of a five-year turnaround to sh...

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