New Zealand Post's full year profit has fallen by a third to $71.8 million in the year to June.
The previous year, the state-owned postal operator posted a $110.2 million profit.
Acting chief executive Sam Knowles says the profit fall is mainly because fewer letters are being posted. Total mail volumes fell 6.7% in the year.
Mr Knowles says the business has performed reasonably well, given most postal services are losing money in the difficult economic environment.
He says New Zealand Posts' balance sheet is strong enough to weather what remains of the economic challenges.
The Kiwibank group, which includes Kiwi Insurance and New Zealand Home Loans, again delivered strong growth, posting a $51 million profit, up from $36.8 million the previous year.
