Royal Mail doubled its profits last year

LONDON, May 14 (UPI) -- The British Royal Mail said it turned a profit of $236 million in the past 12 months, almost double what it made the previous fiscal year.

The year results included profits in all four of the service's core businesses, the first time that has happened since 1989, The Times of London reported Thursday.

The news could complicate the government's plans to sell a portion of the company, as unions opposed to the sale now have a stronger argument the government should not sell.

The Royal Mail, which made $119 million last year, said mail volumes declined 5.5 percent, as Internet options have replaced traditional letter writing.

As a liability for any bidders, the Royal Mail's pension fund more than double last year to $5 billion, the Times said.