NZ Post release annual results

NZ Post produced revenues of NZ$*890m in FY17. Excluding discontinued operations from the sale of Kiwi Group Holdings, this represented a 5% decline on the previous results. Net profit from continuing operations jumped NZ$17m to NZ$27m. Underlying net profit after tax fell NZ$40m to NZ$83m.

Parcel volumes were up 8.5% year-over-year, with mail volumes down 11.0%.

Chief Executive David Walsh said “The result is a significant turnaround from 12 months ago. It is pleasing to return the postal service part of the business back to full-year profit. The positive effects of lower costs across the organisation and revenue growth in parcels has more than offset the impact of letter mail decline.”

Source: NZ Post