Australia Post scores a Trump bump

This quarter was as strong as Christmas last year, excluding letters, which posted a 6.5 percent revenue loss on last quarter, Ms Holgate said.

Australia Post delivered a record revenue of almost $7 billion, and a profit of $41 million for the 2019 fiscal year.

“Domestic parcels made up over half of our revenue growth, up by 9 per cent, which secured our highest growth rate parcels for over 10 years,” Ms Holgate said.

“Our international parcel business grew 15.7 per cent, following the successful consolidation of our international commercial arm.”

Stamp prices to rise

To offset the losses in the letter delivery business, Ms Holgate announced the cost of stamps would increase by 10¢ from January 2020, while freezing the price of concession stamps at 60¢ and “season greetings” stamps at 65¢.

“It is critical if we’re going to protect the services that we are able to contribute towards those losses,” she said.

Ms Holgate told the committee that the letters division loss was smaller than last quarter and reported the parcel delivery, finance and identity streams of the business continued to grow, but she did not provide comparative dollar figures.

Revenue for domestic parcels jumped 14 per cent and international parcel revenues were up 34 per cent while the services stream, which offers finance and identity services like passport applications, was up approximately 21 per cent.

Comparative figures were not provided to the committee.

Source link Finance News Australia

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