National Mail posts interim result

National Mail New Zealand Limited today announced an unaudited net deficit of $2.6 million for the six months to 31 March 2000.

Chief Executive, Antony Fowler, said the result, which covers the period ending immediately following the company’s IPO and listing on the New Zealand Stock Exchange, was slightly better than directors’ expectations.

He said that the company was well positioned with a strong balance sheet, including cash on hand of $12.9 million to fund future development.

“The six months covered by the interim result represents a very important phase in the growth of National Mail which leaves us poised to expand our geographic mail coverage as well as to continue development of our E business initiatives,” Mr Fowler said.

“While revenue streams for the period were somewhat slower to develop than expected, these are now strengthening as National Mail expands its customer base and consolidates its position as a reliable, cost-efficient and long-term operation.

“The company has very clearly defined goals and is making good progress on its programme of integrating traditional and contemporary electronic communications services.”

Mr Fowler said he anticipated that continued growth during the second half of the year combined with ongoing tight control of costs would see the year end financial result in line with the forecasts in the National Mail Prospectus.

National Mail is a Registered Postal Operator specialising in integrated communications between businesses and their customers.

ENDS

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