New Zealand Post's full year profit has risen sharply following a strong performance by its subsidiary Kiwibank and a one-off gain from buying DHL's half of the Express Couriers business.
Excluding one-off adjustments, the state-owned postal operator's full year profit after tax nearly doubled to $79.8 million, compared to $41.7 million last year.
When the one-off accounting adjustment from buying DHL's half of Express Couriers was included, the after-tax profit jumped to $169.7 million.
Overall revenue rose 3% to $1.3 billion.
NZ Post chief executive Brian Roche says its core postal business continues to decline and the result was driven by a number of other factors.
These included 54 million fewer letters being posted in the past year, leading to a decline of $17 million in postal revenue.