Tough second-half hurts NZ Post and Kiwibank full-year earnings

Thu, 25 Aug 2016

By Pattrick Smellie Aug. 26 (BusinessDesk) - State-owned New Zealand Post and its banking subsidiary Kiwibank both reported reduced profits after tax for the year to June 30, with NZ Post's result bolstered by one-off benefits from an Australian asset sale and Kiwibank experiencing a difficult second-half to the financial year. The Kiwibank group, which includes savings, insurance and investment products, saw profit fall 0.8 percent to $131 million in the latest financial year, with the banking operation providing $124 million of that tot...

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