Australia Post has announced a loss of $88.5 million for the past financial year, as customers continue to turn away from letters.
The loss was an improvement on the past financial year’s loss of $200.3 million, while overall group revenue also lifted 1.8 per cent to $9.13 billion.
But 1.76 billion letters passed through post offices around the country during the past financial year, down 12.9 per cent.
However, parcel revenue continued to grow to $6.46 billion, up three per cent, illustrating what Australia Post dubbed the “two speed nature” of the business.
CEO and managing director Paul Graham said he was pleased to see improved business performance, but that Australia Post still faced significant structural challenges.
“Our Post26 strategy and the historic phase one modernisation reforms have put the business on the right track, and we’re now starting to see green shoots as we turn around the business,” he said.
