Royal Mail reports slip in H1 profit

LONDON: Britain’s Royal Mail reported £250 million ($328.7 million) in half-year adjusted profit before tax, down slightly, while revenue edged up 2 per cent helped by its European parcels business. Profit for the 26 weeks to September 24 fell from £252 million a year earlier, the postal and parcel delivery company said. Revenue rose to £4.83 billion from 4.58 billion. The company said it is on track for cost savings of around £190 million in its UK letters business. — Reuters