NZ Post annual profit drops 34% after sale of Kiwibank stake

Mon, 11 Sep 2017

By Tina Morrison Sept. 11 (BusinessDesk) - New Zealand Post's annual profit fell by a third after it sold almost half of its stake in Kiwibank. Net profit fell to $93 million in the 12 months ended June 30, from $141 million a year earlier, the state-owned enterprise said in a statement. Revenue slipped 5.1 percent to $890 million, while expenditure declined 9 percent to $887 million. The latest earnings include a $71 million contribution from its 53 percent share in Kiwi Group Holdings, down from $131 million the year earlier, after N...

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