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SingPost Q1 net profit falls 23 per cent

SingPost Q1 net profit falls 23 per cent


Singapore Post Limited has announced its results for the first three months of the financial year ended 30 June 2016.

Revenue grew a robust 30.9 per cent to S$333.4m, buoyed by continued expansion of cross-border e-commerce-related activities, and the inclusion of contributions from new subsidiaries.

Net profit attributable to equity holders declined 23.0 per cent to S$35.9m, due largely to one-off gains from the divestments of Novation Solutions and DataPost HK in the corresponding period last year. Underlying net profit, which excludes one-off items, was down 11.2 per cent, due to investments in business transformation. Rental income declined as the Singapore Post Centre retail mall is being redeveloped, while depreciation charges were incurred for the Regional eCommerce Logistics Hub which obtained Temporary Occupation Permit in April 2016. SingPost also continued to invest in eCommerce IT and operational capabilities.