UPDATE: NZ Post flags competition, economic and GST headwinds to flailing mail business

Thu, 27 Aug 2015

(Recasts and updates with CEO comment throughout) By Suze Metherell Aug. 28 (BusinessDesk) - New Zealand Post Group says it faces "structural and permanent decline" and further headwinds from increased competition, a fragile global and domestic economy and higher costs on the back of proposed introduction of GST on online purchases. Net profit was $143 million in the 12 months ended June 30, which includes a $46 million gain from the sale of its Australian business for A$95 million. That compared with $107 million in the previous year,...

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