Logistics and storage solutions provider Mailpac Group Limited saw its revenues dip seven per cent for the year ended December 31, 2022.

Revenues stopped at $1.69 billion when compared to $1.82 billion earned in 2021.

The company saw its cost of sales fall at a similar rate as revenues, but it incurred an increase in administrative and general expenses costs that dragged operating profit down to $359.03 million compared with $448.96 million a year earlier.

Taking into account finance costs and taxation, Mailpac’s net comprehensive income declined from $397.84 million to $308.04, representing a decrease of 23 per cent. Earnings per share, as a result, reduced to $0.12, down from $0.16.

Despite a weaker balance sheet, the company had a noticeable improvement in its property, plant and equipment line due to new acquisitions during the year. Total assets fell 16.5 per cent to end at $687.71 million.

The company’s cash positon ended the year at $209.48 million versus $363.81 million.