5 Australia Post records first full

5 Australia Post records first full-year loss in three decades
By business reporter Stephen Letts
Posted about 11 hours ago

Australia Post Postpak bag
PHOTO: Australia Post's parcels business accounted for more than half its revenue for the first time. (ABC News)
MAP: Australia
Australia Post has plunged to a $222 million full-year loss, dragged down by the continued decline in its traditional letter business.

It is the Government-owned monopoly's first loss in 30 years, but comes as no surprise having been flagged earlier this year.

Last year Australia Post recorded a $116 million profit.

Addressed letter volumes fell by 7.3 per cent, while ordinary stamped letters were down by 10.3 per cent, driving the $381 million loss in the mail business.

The loss follows the announcement of the slashing of 1,900 jobs in June.

Revenue remained stable at $6.37 billion, with the parcel business now accounting for more than half of total revenues for the first time.

"We continue to make headway with reforming our letters business and we are investing in the infrastructure and digital capabilities," said Australia Post CEO Ahmed Fahour.

"We are confident we have the resources, infrastructure and support in place to manage the ongoing transition of our letters business as we become a more ecommerce-centric organisation."

Despite the growth in the parcels business, Mr Fahour warned conditions remained very challenging as domestic and international freight carriers continued to build capacity in the delivery market.

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5 Australia Post records full-year First Loss in Three decades
By Stephen Letts business Reporter
Posted 11 hours ago About Australia Post Postpak bag PHOTO: Australia Post's parcels business accounted for more than its revenue for the First Half time. (ABC News) MAP: Australia Australia Post has plunged to a $ 222 million full-year Loss, Dragged down by the continued decline in its traditional letter business. It is the Government-owned Monopoly's First Loss in 30 years, but comes as no Surprise. having been Flagged earlier this year. Last year Australia Post Recorded a $ 116 million profit. Addressed letter Volumes fell by 7.3 per cent, while Ordinary stamped Letters were down by 10.3 per cent, Driving the $ 381 million Loss in the mail business. The Loss follows. the announcement of the slashing of 1,900 jobs in June. Revenue remained Stable at $ 6.37 billion, with the parcel business now accounting for more than Half of total revenues for the First time. "We Continue to Make headway with reforming our Letters business and we are. Investing in the Infrastructure and Digital capabilities, "said Australia Post CEO Ahmed Fahour. "We are Confident we have the Resources, Infrastructure and Support in Place to Manage the ongoing transition of our Letters business as we Become a more Ecommerce-Centric organization.". Despite the growth in the parcels business, Mr Fahour warned conditions remained very challenging as domestic and international freight carriers continued to build capacity in the delivery market.