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Britain's Royal Mail delivers bumper profit

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Britain's Royal Mail delivers bumper profit
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Royal Mail almost doubled its operating profit in the first half of this year – according to the first results since its controversial part-privatisation last year.

Operating profit after transformation costs for the six months to September 29 was £283 million (340 million euros) – up from £144 million a year earlier.

Royal Mail said rising parcel revenues and cost-cutting measures were key reasons for the increase in profit.

British Business Secretary Vince Cable defended thee decision to sell Royal Mail shares at £0.33 (approximately 0.4 euros) – as he faced questions over whether UK taxpayers had lost out through the part-privatisation.