Australia Post 2015-16 results

Australia Post today announced a full-year profit after tax of $36 million for the 2015/16 financial year.Addressed letter volumes fell by 9.7%, contributing to a loss in the postal business of $138 million, with parcels profit up 8% to $314 million.Australia Post's forecast cumulative losses in letters has been revised downwards from around $5bn to $1.5bn over the next 5 years. This is principally attributed to the price increase and the changes to the Performance Standards (that is, the move to a two-speed service and slower letter delivery standards).The positive result in parcels is attributed to a growth in customers and productivity improvements. There is no doubt that competition in the parcel delivery market is intensifying.Australia Post has reported that it continues to meet its Community Service Obligations and service performance standards.