The New Zealand Post Group yesterday announced a net after-tax profit of NZD 70.2 million (EUR 36.1million) in the year to 30 June 2007, 2.2% higher than the NZD 68.7 million (EUR 35.3 million)
recorded in the previous year, 2005-2006.NZ Post increased year-on-year revenues to NZD 1.22 billion (EUR 628 million) from NZD 1.11billion (EUR 572 million), an increase of 1%.
Chief Executive John Allen said that the result represented a “sound performance”, the sixthconsecutive year in which an improvement in financial performance had been achieved.
“The postal business continues to face challenges as traditional mail declines, although theeffects of this trend are being offset by growth in packets and parcels usage, due to increasingonline shopping and the variety of items that now make up mail,” Allen said.
“Our joint venture with DHL grew significantly, expanding its range of logistics services andgrowing market share in the highly competitive express courier market,” he added.
Meanwhile, New Zealand’s Commerce Commission cleared the proposed joint venture between NZPost and catalogue distributor Salmat , announced in August, which will see the two companies mergetheir unaddressed mail delivery operations.
The Commission said it was satisfied that the joint venture would not substantially lessencompetition in any of the markets affected.
