SUNBIZ

NZ Post Job Cuts to Continue

New Zealand Post will continue with its job-cutting programme as it tries to save NZ$30 million a year, despite posting a significant profit. The New Zealand state-owned company made NZ$143
31 Aug 2015 11:34
NZ Post Job Cuts to Continue

New Zealand Post will continue with its job-cutting programme as it tries to save NZ$30 million a year, despite posting a significant profit.

The New Zealand state-owned company made NZ$143 million in the year to June, an increase of 34 per cent compared with the previous year – largely due to the success of Kiwibank, which offset another 10 per cent drop in letter volumes.

Stripping out asset sales and writedowns, New Zealand Post’s underlying profit rose 3 per cent to NZ$128m, with Kiwibank accounting for NZ$127m of that.

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