Jun 26, 2017 Last Updated 10:15 AM, Jun 26, 2017

New Entry From the Editor :

Glencore hits back with second counter offer for Rio Tinto’s Hunter Valley coal asset

Glencore hits back with second…

AusBN - Glencore has come in with a second counter offer of US$2.675 billio...

Qantas pursuing growth in China but keeping eyes on global markets

Qantas pursuing growth in Chin…

AusBN - Qantas is looking to expand its share of the growing Chinese travel...

Bega Cheese launches $160m capital raise

Bega Cheese launches $160m cap…

AusBN - Bega Cheese is opening a AUS$160 million capital raising in order t...

Australia Post reports $222 million loss

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.

@AusBNonline

This Month's Issue

AusBN Vol3 Iss1

Subscribe

rgn web banner

abn web banner