NZ Posts lifts first-half profit by 18 percent by slashing costs faster than sales fall

Sun, 23 Feb 2014

Feb. 24 (BusinessDesk) – New Zealand Post Group, which plans to eliminate up 2,000 jobs in the next three years and reduce deliveries to just three days a week as volumes plunge, said first-half profit rose 18 percent as it slashed costs faster than revenue declined. Profit was $71 million in the six months ended Dec 31, from $60 million a year earlier, the state-owned postal service said in statement. Sales fell to $860 million from $872 million, while operating costs dropped 4 percent to $761 million, or declines of $12 million and $32 mil...

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