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

Sydney (AFP) - Australia Post on Monday forecast its first annual loss in more than 30 years and warned it would lose Aus$6.6 billion (US$5.2 billion) over the next decade without urgent regulatory reform. The government-owned company said its net profit fell 56 percent to Aus$98 million in the latter half of 2014 due to a slump in demand for letters. Like many postal services in developed countries, Australia Post has been struggling to cope as email replaces physical mail. 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 from Australia Post's letter arm, which lost Aus$157 million over the period, click here. 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 [source] 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 Max Workouts Aus$12.1 billion from its letter business and Aus$6.6 billion overall in the next decade without reform.
More: http://news.yahoo.com/australia-post-flags-first-annual-loss-30-years-050308538--finance.html

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