New Zealand Post's profit has plunged due to fewer letters being posted, asset writedowns and a higher tax charge.
The State-owned postal operator made $1.3 million in the year to June, compared with $71.8 million in the previous year.
Stripping out nearly 53 million in asset writedowns and an extra $20 million on its tax bill, New Zealand Post's underlying profit fell 5% to $73.6 million.
Revenue fell 4% to $1.2 billion.
Chief financial officer Mark Yeoman says the company has not seen any sign of the recovery as yet.
A dividend of $6.4 million will be paid to the Government.