AusBN – Australia’s national postal service has reported its first full-year profit loss in more than 30 years.
Australia Post CEO Ahmed Fahour attributed the $222 million loss to a “challenging year” in which people continued to send fewer letters and the mail industry continued to evolve.
Letter volumes fell by 7.3% in 2014/15 whereas parcels, which made up more than half of the company’s $6.37 billion revenue, rose 3.6%.
Fahour said the company was investing in infrastructure that would help it adapt to the future of mail by becoming “a more eCommerce-centric organisation”.
This follows the CEO’s announcement in June that Australia Post would need to cut 1,900 jobs over the next three years to cope with the decline of letters.
Around 2,000 letters workers have been lost since 2011, but 4,400 have been retrained to work in growing areas of the business, such as parcels.