New Zealand Post Annual Report 2003
New Zealand Post Annual Report 2003
Read MoreTag: New Zealand
New Zealand Post annual profit up
State-owned mail agency New Zealand Post announced a 24% rise in after-tax profit to $27.1 million for the year ended June 30.
Operating revenue rose by 1.9% to $976.9 million compared with the previous year, expenses held steady at $922.8 million, and NZ Post paid a total dividend of $16.2 million to the Government, up from $13.1 million the previous year.
Read MoreFreightways in brokers sights
Freightways, owner of New Zealand Couriers, Post Haste Couriers, Castle Parcels and Sub60, will float on the stock exchange in just over a week.
The news, delivered yesterday alongside a 33% increase in profit, was warmly received by stockbrokers, who regard the company as well-managed and well-positioned in its market.
Price and the final size of the offer are still being worked on.
Brokers are guessing a NZD160 million to NZD180 million sale, putting the company in the market’s Top 50, and making it the biggest float of a New Zealand company this year.
Read MoreKiwibank gets $40m boost
State-owned New Zealand Post is pumping another $40 million into Kiwibank to help it grow even bigger, after 150,000 customers flocked to the new bank in just over a year. “It is now clear to us that the future of Kiwibank is as a much larger bank,” NZ Post chief executive John Allen said yesterday. But ACT NZ finance spokesman Rodney Hide damned the extra $40 million capital injection as proving the “critics right”, while the National Party’s Gerry Brownlee said Kiwibank was being “propped up” by taxpayers.
Read MoreTransend in row over revamp of UK mail
Tarnished NZ Post subsidiary Transend has become embroiled in a row over the reorganisation of British postal giant Royal Mail.
The international consultancy arm of NZ Post, severely criticised by the Audit Office last year for wasteful and excessive spending by staff, is advising Royal Mail on a revamp of its distribution network. The plan includes scrapping Royal Mail’s train distribution system, which has come under fire by British opposition MPs.
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