Theft still a thorn in Post Office’s side
Nick Buick the chief financial officer also told parliament’s portfolio committee on communications that the six months’ net profit for this year was R210 million, 20 percent above last year’s interim result. Total assets are up by 5 percent at R7.2 billion, its cash equivalent being R4.97 billion.
The post office was presenting its annual report for 2006/07 to the committee. The report showed that last year’s group trading profit at R470 million was 85 percent better than the previous year.
Buick told the committee that the past financial year showed that while postal tariffs increased by only 4.6 percent, revenue increased by 9 percent. “Expenses grew by 5 percent, which is below inflation,” he said. “It has been an achievement.”
The board chairperson, Vuyo Mahlati, disclosed that despite the post office’s achievements during the year, there were still a number of challenges.
“Behavioural patterns continue to undermine our service,” she said.
“You mean ‘theft’,” said Sue Vos an Inkatha Freedom Party member of the committee.
Mahlati also said that when they partnered with public service entities, “We are only as good as our partner”.
She explained to members that the report that Home Affairs had fired the Post Office, was wrong, and that a correction had been put out by the minister for home affairs, Nosiviwe Mapisa Nqakula, the next day.
“One media report said we had been fired in favour of the courier company XPS,” Mahlati said. “XPS is our wholly owned subsidiary.”
Business Report
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