Anyone looking to understand the state of play at ’New Toll Group’, the fully-owned 3PL arm of Japan Post, would do well to ignore the parent’s Q1 23 headline fiscal numbers released today, which were underwhelming, anyway, due to a steep 43% fall in reported Ebit to A$44m.

First and foremost here comes a deep dive on the stuff that matters…

.. because it’s in the comprehensive annual figures lodged with the Australian Securities and Investments Commission (ASIC) on 29 July*, that ...

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