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

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