New Zealand Post says 2009 was a tough year due to the recession and the growing popularity of communication technology.
Mail fell in volume during the year by about 7% and hundreds of jobs have been lost.
NZ Post says further job losses cannot be ruled out.
Postal chief executive Peter Fenton says 65 million fewer mail items were posted in the past 12 months and the number of letterboxes to deliver to, increased by about 20,000.
