NZ Post profit up 17 per cent

New Zealand Post has announced a net after-tax profit up 17 per cent, or $10.1 million, on the comparable figure from last year to $68.7 million.

The state-owned enterprise is paying a final dividend of $11 million to the Government, taking its total dividend for the year to $27.7 million, up from last year's comparable $27.1 million.

Chief executive John Allen said the result was achieved in an environment of rising fuel prices, a tight labour market, increasing competition in key market segments, and continuing changes in the way customers used letter services. Domestic mail volumes declined 2.3 per cent.

- NZPA