Reuters: Technology News: Internet shopping drives Australia Post profit

Reuters: Technology News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Internet shopping drives Australia Post profit Oct 11th 2012, 07:27 SYDNEY | Thu Oct 11, 2012 3:27am EDT SYDNEY (Reuters) - Australia's love of online shopping has helped Australia Post deliver a 17 percent jump in annual profit, buoyed by a technology once thought to spell the death knell for post offices. Online sales have been a bright spot in an otherwise lacklustre Australian retail environment, with a local bank estimating Internet-based sales in the year to July 2012 rose 30 percent to A$14 billion ($14.4 billion). Australia Post reported an overall net profit of A$281 million, and said its parcel division was running at peak levels throughout the year, a trend previously only seen during the hectic Christmas period. Its traditional mail business, however, has been hit by the rise of Internet email and other electronic communications, posting a loss of A$148 million. In contrast to Australia Post's bumper earnings, the U.S. Postal Service reported a $5.2 billion loss in just the April through June period. ($1 = 0.9759 Australian dollars) (Reporting by Thuy Ong; Editing by Richard Pullin) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions