Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


UPDATE: NZ Post to sell Australian Couriers Please unit

UPDATE: NZ Post to sell Australian Couriers Please unit

(Updates to show drop in goodwill offset by increase in brands value in 3rd graph)

By Paul McBeth

July 21 (BusinessDesk) - New Zealand Post, the state-owned mail delivery service, wants to sell its Australian Couriers Please unit in its latest move to rejig its ailing business.

The Wellington-based SOE has hired 333 Capital for the sale of the Australian courier business, which operates metropolitan delivery across the Tasman. Couriers Please has about 570 couriers and more than 130 staff, NZ Post said in a statement.

NZ Post took full ownership of the courier business in 2012, and valued the unit's goodwill at $38.2 million as at June 30, 2013, down from $65.1 million a year earlier, according to its latest annual report. The reduction was offset by some $21.6 million of goodwill reassigned to brands.

In April, the state-owned mail service exited its unprofitable online director business, Localist, as it seeks to return the postal business back to profitability, and drive earnings growth by expanding its Kiwibank subsidiary.

The SOE has $200 million of bonds listed on the NZX debt market. The notes, which pay annual interest of 7.5 percent, last traded at a yield of 5.5 percent, according to NZX data.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news