NZ Post says cost savings return mail business to profitJohn Hawkins/FAIRFAX NZ Although mail volumes fell 9 per cent at the end of 2015, NZ Post's programme of cost cutting meant the mail business posted a profit. NZ Post says its cost cutting programme helped boost the performance of its mail business, which returned to profit at the end of 2016. Ross Giblin/FAIRFAX NZ NZ Post chairman Sir Michael Cullen and chief executive Sir Brian Roche announce plans to partially sell Kiwibank. During the period, NZ Post completed the partial sale of Kiwibank, with a 47 per cent stake sold to ACC and the NZ Super fund, for $493.5m. NZ Post provides only a two page summary of its interim results.
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New Zealand Post has reported a smaller half year profit, with revenue dropping after it sold a 47 percent stake in Kiwibank in October. New Zealand Post chief executive Brian Roche said the company had put the postal services business on a strong financial footing. The broader Kiwi Group Holdings, which includes its Kiwisaver, insurance and mortgage broking business, reported an 11 percent fall in net profit to $65m. Revenue fell 9 percent to $467m, mainly due to the lower revenue it received from Kiwibank after selling the stake. New Zealand Post sold 47 percent of Kiwibank to the New Zealand Superannuation Fund and ACC for $493m in October, using the proceeds to repay $180m in debt, and give the government a special dividend of $100m.
NZ Post's first-half profit dropped 19% after the sale of almost half its stake in Kiwibank reduced income and as revenue from traditional postal services continued to decline. NZ Post processed two million more parcels in November and December 2016 than in the previous period, while letter volumes fell 9% in the six months. Net profit from Kiwibank dropped 26% to $54 million in the first half, which reflects NZ Post reaping 53% of the bank's earnings in November and December, compared to 100% previously. Net profit excluding Kiwibank dipped 5.4% to $35 million, with profit from postal services turning to a $14 million gain from a loss of $1 million in the same period last year. Lower revenue was also attributable to foregone revenue from NZ Post's sale of wholly-owned subsidiary Converga to Canon Australia in November 2015, it said.
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NZ Post profit down 19 percent after Kiwibank share sold off
New Zealand Post has reported a smaller half year profit, with revenue dropping after it sold a 47 percent stake in Kiwibank in October. New Zealand Post chief executive Brian Roche said the company had put the postal services business on a strong financial footing. The broader Kiwi Group Holdings, which includes its Kiwisaver, insurance and mortgage broking business, reported an 11 percent fall in net profit to $65m. Revenue fell 9 percent to $467m, mainly due to the lower revenue it received from Kiwibank after selling the stake. New Zealand Post sold 47 percent of Kiwibank to the New Zealand Superannuation Fund and ACC for $493m in October, using the proceeds to repay $180m in debt, and give the government a special dividend of $100m.
NZ Post first-half profit drops 19%
NZ Post's first-half profit dropped 19% after the sale of almost half its stake in Kiwibank reduced income and as revenue from traditional postal services continued to decline. NZ Post processed two million more parcels in November and December 2016 than in the previous period, while letter volumes fell 9% in the six months. Net profit from Kiwibank dropped 26% to $54 million in the first half, which reflects NZ Post reaping 53% of the bank's earnings in November and December, compared to 100% previously. Net profit excluding Kiwibank dipped 5.4% to $35 million, with profit from postal services turning to a $14 million gain from a loss of $1 million in the same period last year. Lower revenue was also attributable to foregone revenue from NZ Post's sale of wholly-owned subsidiary Converga to Canon Australia in November 2015, it said.
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collected by :Jack Luxor
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