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...

Unlock all stories free for 10 days

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

We won’t charge for 10 days. You can cancel anytime with two clicks, an email or a phone call. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

You will be charged in 10 days unless you cancel beforehand.
We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Politics

NZ-Thai partnership ‘significant’ in scope

An Asia expert says deal between nations is significant because of its breadth.

Dileepa Fonseka 4:20pm

Markets

'Wrong time for a pay rise?': NZX directors get 38% bump

Shareholders have approved a hike to NZX director fees despite opposition.

Oliver Lewis 4:00pm

'Wrong time for a pay rise?': NZX directors get 38% bump

Environment

Rainy 2022 drove down NZ's greenhouse gas emissions

Gross emissions fall for the third year in a row but are still above 1990 levels.

Greg Hurrell 4:00pm

Rainy 2022 drove down NZ's greenhouse gas emissions

Sponsored

Auckland's new "Midtown" taking shape

5-star hybrid workspaces, combined with the City Rail Link, are creating a revitalised inner-city zone designed to motivate workers back to the office.

Alberts

Sponsored

Building confidence and capability is the key to boosting productivity

In the pack houses of Hawke’s Bay apple growers, smart cameras scan the apples looking for blemishes and grading the fruit to ensure only the best is selected for domestic and international markets.

ASB