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New Zealand Post increased after-tax profit slightly to $70.2 million in the year to the end of June.
Operating performance improvements across the businesses during the year were partly offset by the impact of the strong New Zealand dollar and higher interest costs, NZ Post said today.
The latest result compares with an after-tax profit of $68.7 million the previous year, and was made on revenues up 10 per cent to $1.2 billion.
In the year it celebrated its 20th birthday as a state-owned enterprise, NZ Post paid a dividend to the Government -- its sole shareholder -- of $30.8m, compared to $27.7m a year earlier.
While the domestic postal business had a 2.1 per cent decline in addressed letter volumes, packets and parcels grew 12 per cent and international revenues were up 14 per cent, NZ Post said.
Fully-owned subsidiary Kiwibank lifted after-tax profit 61 per cent to $25.5m, and was mostly responsible for a $1.76 billion lift in NZ Post's total assets to $5.5 billion.
- NZPA
