The dwindling number of letters hitting the mail box pushed Australia Post to a full year loss of $222 million, its first in more than three decades.
The loss, less than forecasts of $500 million, compares to a $116.2 million profit in 2014.
Revenue was stable at $6.37 billion, with the parcel business representing more than half at $3.21 billion.
The number of letters posted fell by 7.3% as people continued the switch to electronic communication. Losses in the mail business grew to $381 million.
“As we had forecast, this has been a challenging but crucial year of transition for our business, reflected in the numbers,” says CEO Ahmed Fahour.
Australia Post is in the middle of a restructure which includes cutting almost 2000 jobs and charging more for services. The competition watchdog, the ACCC, is assessing a proposal to charge a basic postage rate of $1 for letters
The Australia Post Annual Report will be tabled in federal parliament later this year.
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