Australia Post announces $217m first-half profit

Australia Post today announced financial results for the first half of the 2017/18 financial year:

• Group revenue up 3% at $3.6 billion
• Trading EBITDA up 1% at $349 million
• Profit after tax: $217 million (up 65%), bolstered by property sales and other one-off benefits
• Full year profit before tax is forecast to be in line with the previous year

Parcel revenues increased by 8%. Addressed letter volumes fell 10% - a decline that would have been larger if it weren't for the Australian Marriage Law Postal Survey.Inbound international parcel volumes rose 45% in the period, with almost all of this growth coming from China."Due to the strong seasonal nature of our business we expect to again make a loss in the second half. We do though forecast a full year profit before tax result in-line with last year," said Australia Post MD/CEO Christine Holgate.Australia Post has a cash balance of $480 million and has maintained its AA- S&P credit rating.