UPDATED: NZ Post to sell Australian Couriers Please unit

NZ Post CEO Brian Roche

New Zealand Post, the state-owned mail delivery service, is 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.

(BusinessDesk)

This article is tagged with the following keywords. Find out more about My Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7850 0.0000 0.00%
AUD 0.8924 0.0000 0.00%
EUR 0.6196 0.0000 0.00%
GBP 0.4880 0.0000 0.00%
HKD 6.0917 0.0000 0.00%
JPY 84.8970 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1231.3 -0.710 2014-10-24T00:
Oil Brent 86.1 -0.510 2014-10-24T00:
Oil Nymex 81.0 -1.020 2014-10-24T00:
Silver Index 17.1 0.024 2014-10-24T00:

Indices

Symbol Open High Last %
NZX 50 5292.8 5344.4 5341.7 -0.15%
NASDAQ 4459.5 4486.3 4452.8 0.69%
DAX 9008.6 9044.9 9047.3 -0.66%
DJI 16677.0 16811.7 16677.9 0.76%
FTSE 6419.1 6419.1 6419.1 -0.47%
HKSE 23311.9 23352.6 23333.2 -0.13%
NI225 15354.4 15377.0 15139.0 1.01%