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Royal Mail revenues jump on online shopping, but costs weigh

Nov 19 (Reuters) - Royal Mail on Thursday reported a slump in first-half pre-tax profit as losses in its traditional letters business and coronavirus-related costs ate into a revenue boost from this year’s surge in online shopping.

The company, which was long Britain’s state-owned postal monopoly until its privatization, said pre-tax profit dropped to 17 million pounds ($22.51 million) for the six months ended Sept. 27 from 173 million pounds last year. Revenue, however, jumped nearly 10% to 5.67 billion pounds. ($1 = 0.7551 pounds) (Reporting by Patrick Graham and Muvija M in Bengaluru; Editing by Ramakrishnan M.)

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