• Dangerous games

    Employers' body Neasa is playing a potentially dangerous game, says Terry Bell.

  • Rational thinking

    All players should first consider the net result of their actions, says Leopold Scholtz.

  • Telkom's property poser

    BEE may be hindering Telkom's plans to offload redundant real estate, says Gugu Lourie.

Data provided by iNet BFA
Loading...
See More

Post Office on 6-year winning streak

Nov 03 2010 10:43 I-Net Bridge

Related Articles

Sars official gets world customs post

Postal strike in full swing

Postbank to include lending

Postbank to include lending

'Racism' sparks postal strike

 
Cape Town - The South African Post Office on Wednesday  reported a profit for the sixth year in a row, according to Nick Buick, the CEO.

Presenting his last report before he is to leave the job, he announced a pre-tax trading profit of R379m for the 2009/2010 financial year.

Although the chief executive, Motshoanetsi Lefoko, admitted that the profits were less than last year's - they fell by 22% - she said that economic conditions were very harsh and that the organisation was very proud of the result.

Buick pointed out that the drop in the country's interest rates has harshly affected the Post Office's revenue. Interest income fell by R200m.

He also noted that profits actually rose before post-retirement medical benefits for employees were deducted. In fact he said they rose by 58%. But the medical aid costs amounted to R197m.

Buick also pointed out that the balance sheet was very strong. Net asset value continuing to improve - rising by 15% in the year.

"The strong balance sheet has put us up to invest and diversify our revenue in the future," he said.

Chief operating officer John Wentzel said that the outlook for next year "is not rosy".

"The challenges will continue into 2010/2011," he said, saying that the decline in mail services is also likely to continue.

But he said that the corporatisation of the PostBank will provide opportunities for investment.

post office
NEXT ON FIN24X

Fujitsu back in the black

2014-07-31 20:00

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
3 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

No need to keep up with the Joneses

Fin24 users provide their own personal tips on how to save money instead of trying to keep up with the Joneses.

 
 

Start saving...

Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...