NZ Post's parcels business turns a small annual profit as mail keeps group in the red

Thu, 26 Sep 2019

By Paul McBeth Sept. 27 (BusinessDesk) - New Zealand Post's increasingly important parcels business turned a small annual profit, but that wasn't enough to avoid red ink with its mail service still in decline. The state-owned enterprise (SOE) reported a loss of $121 million in the 12 months ended June 30, compared to a profit of $13 million a year earlier when the bottom line was buoyed from its share of Kiwibank profits. The latest period included a $51 million impairment charge on the mail service assets, $38 million being set aside...

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