NZ Post earnings improve, but 'fundamental change' still needed

Thu, 23 Aug 2012

Aug. 24 (BusinessDesk) - Record earnings from Kiwibank helped push underlying net profit after tax up 38 percent to $79.8 million in the year to June 30, but postal revenues still fell $17 million as the trend away from posting letters continued. "Kiwis posted 54 million fewer letters in the past year," said chief executive Brian Roche, who said this was "further evidence we must proceed with fundamental change." "Our postal business is benefiting from improvements to product and service offergins, careful management of costs and continued im...

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