NZ Post FY profit falls 29 percent as traditional letters continue to decline

Tue, 27 Aug 2013

By Tina Morrison Aug. 27 (BusinessDesk) – New Zealand Post, the state-owned postal service, reported a 29 percent fall in annual profit as its traditional letters business weakened and it wrote down the value of some postal assets. Profit dropped to $121 million in the year ended June 30, from $170 million the year earlier, as stronger earnings from the company’s Kiwibank and Express Couriers units failed to make up for a slide in its core postal service. Revenue from ordinary activities rose 29 percent to $1.69 billion. The result included...

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