Australia Post announces 2016/17 financial results

Australia Post has announced a full-year profit before tax of $126.1 million for 2016/17. Last year's reported profit was $41 million.Parcels profit before tax increased by 4.8% to $299.7 million. Addressed letter volumes fell by 11.8%. The letters business posted a $180 million loss before tax.Australia Post noted that it expects strong parcels growth to continue but the structural decline in letters will put pressure on the profit outlook for the 2017/18 financial year.Australia Post also today released the 2017 Remuneration Report for key management personnel.Click here to download the Remuneration Report.[caption id="attachment_7206" align="aligncenter" width="398"]

Cumulative volume loss in addressed letters (FY08 – FY17)[/caption]