Australia Post's profits down 56% as letter business declines
February 23 , 2015
Australia Post has registered a 56% drop in profit for the six months ending December 31, 2014.
Its half yearly after-tax profit was $76.7 million, the government-owned firm said on Monday. It also forecast a full-year loss, which is the first in over three decades.
Increasing losses in the letter business are one of the reasons why Australia Post’s profit has plummeted. Describing the situation as a “tipping point”, Ahmed Fahour, the company’s managing director, said that the regulatory reform of letter services rules were urgently needed.