Australia Post profit

Australia Post's pre-tax profit for 2008/09 of $380.9 million was down on the record high of $592.2 million booked in the previous financial year.

Net profit of $260.6 million was down from $432.2 million in the previous year, while revenue grew by 0.5 per cent to $4.97 billion.

For the first time in six years, the volume of all items sent through the post fell, to 5.3 billion from 5.6 billion in the previous year.

As well, letter volumes fell by 4.1 per cent in the year to 4.9 billion, and revenue, boosted by a 5 cent increase in the price of postage stamps, increased by just 0.7 per cent to $2.8 billion.

Australia Post's parcels and logistics business posted annual revenue of $1.3 billion, up 2.5 per cent on the previous year.

The popularity of parcels continues to increase due to improvements in tracking and security, the company said, which is highly valued by online traders.

Agency services and retail products, including passport applications and the sale of products from post offices, delivered revenue growth of 3.2 per cent to $736 million.

Mr John received total remuneration of $2.58 million for the year, down approximately 10 per cent on the previous year.