24 Feb 2012

NZ Post earnings up

12:28 pm on 24 February 2012

New Zealand Post has doubled its first half earnings, largely due to Kiwibank and continuing cost control throughout the group.

For the six months to the end of December, NZ Post made an after tax profit of $35.4 million, compared to $15.8 million in the same period last year.

Operating earnings increased by $27.7 million to just under $680 million, with Kiwibank being the main contributor.

But the postal business continued to decline. Almost 29.5 million fewer letters were mailed domestically, compared to last year, which is a fall of 7%.