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Australia Post Flags First Annual Loss In 30 Years - Yahoo News

Letter volumes dropped 8.2 percent in the second half of last year, the sharpest decline since they first started falling in 2008. Chief executive Ahmed Fahour said plunging profits go from Australia Post's letter arm, which lost Aus$157 million over the period, were swallowing up profits from its competitive parcel business. "We have been carefully managing the real decline in our letter volumes for the past seven years," he said. "But we have now reached a tipping point where we can no longer manage that decline, while also maintaining our nationwide networks, service reliability and profitability." View gallery Australia's postal service is the nation's oldest, continuously operating organisation, cele Fahour called for reform of government regulations that apply to letters, including increasing the price of stamps and allowing a two-speed delivery service. He pointed to a government-commissioned report last year which predicted that Australia Post will lose Aus$12.1 visit here billion from its letter business and Aus$6.6 billion overall in the next decade without reform. "This year we are forecasting a full-year loss for the first time. It is urgent we make changes this year to ensure we can continue to maintain a reliable, accessible postal service webblog for all Australians," Fahour added. The Post Office Agents Association Limited, which represents the owners of licensed post offices and mail contractors, backed the call for changed to mail pricing be considered by parliament.
More: http://news.yahoo.com/australia-post-flags-first-annual-loss-30-years-050308538--finance.html

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