New Zealand Post Group has reported a fall of nearly 29% in annual net profit, largely due to a decline in its core mail business and asset impairments, but its courier and financial arm put in a strong performance.
The state-owned postal operator made a net profit of $121 million in the 12 months to the end of June, down from $170 million the previous year.
Excluding one-offs, underlying profit rose 39% to $111 million.
Those one-offs include a nearly $31 million impairment against some of the postal assets, as well as $22 million of restructuring costs and a $71 million gain from the sale of Datacom.
Kiwibank made up nearly 80% of the group's bottom line.
The bank made a net profit of $97 million for the period, up 23% compared with last year.
Chief executive Brian Roche says the result reflects the first year of the return to full ownership of Express Couriers Ltd. which operates the CourierPost and Pace services.
Kiwibank now accounts for nearly four-fifths of the profits of its parent, New Zealand Post.
Its annual revenue has increased 6% to $446 million.
The New Zealand Post Group's board will meet this week to confirm the final dividend to the Government.
Listen to interview with Brian Roche