Tag: New Zealand Post

New Zealand Post lifted annual net profit 26.9 percent to NZD 110.2 million, but its dividend payment to the Government will be 23.7 percent down at NZD 23.5 million.

The result for the year to the end of June was achieved on revenue up 7.9 percent to NZD 1.29 billion, and compared with net profit the previous year, restated for new accounting standards, of NZD 86.8m.

Chief executive John Allen said that in addition to a strong contribution from subsidiary Kiwibank, the NZ Post Group’s performance was well supported by a higher than expected contribution by the Datamail Group.

Traditional postal and retail businesses were affected by the economic slowdown during the second half of the year.

Factors contributing to the rise in net profit included a NZD 5.9m lift in Kiwibank’s net profit to NZD 36.8m, and a non-recurring gain of NZD 24.8m from the creation in June of joint venture Express Couriers Australia. NZ Post’s operating profit for the year rose 21.2 percent to NZD114.4m.

Mr Allen said the fall in dividend from the state-owned enterprise was partly due to the fact dividends were not paid on Kiwibank profits, as it was felt investment continued to be needed in that business. 1 USD = 1.45396 NZD