New Zealand Post Financials
State-owned postal services operator New Zealand Post on Thursday reported a flat after tax annual profit of NZ$21.0 million and flagged a decline in profits next year due to the cost of establishing a new bank. The result for the year to June 30 compared with a profit of NZ$21.9 million for the unaudited previous June year. NZ Post said it would pay a dividend of NZ$7.4 million to the government, but the government had allowed it to retain a further NZ$6.0 million as part of its financial contribution for the establishment of NZ Post’s retail banking operation. The overall result was a creditable performance given increased volatility in mail volumes and higher fuel costs, NZ Post chairman Ross Armstrong said in a statement. Stripping out NZ$3.1 million of bank implementation costs not included in original budgets, net earnings rose by 10 percent to NZ$24.1 million. Operating revenue was up 5.1 percent at NZ$981.9 million while operating expenses rose 4.7 percent to NZ$926.3 million due to the acquisition of the Australian Couriers Please business and investment in developing the proposal for the new bank.” Reuters: “NZ Post chief executive Elmar Toime told reporters the new bank was on track to roll out in NZ Post shops around March 2002 and would require a significant increase in expenditure in 2002.
