SingPost Q1 profit up 5% at S$39.2m
EVEN as Singapore Post's sunny e-story is still a work in progress - details of its tie-up with Chinese e-commerce giant Alibaba have yet to be known - it unveiled a first-quarter scorecard that strengthens its case for diversification.
Net profit for the first quarter ended June rose 5.1 per cent to S$39.24 million from a year ago, but if a one-off gain on disposal of property is stripped out, its underlying net profit was marginally down 0.2 per cent at S$36.2 million. This underscores the rocky landscape for the traditional mail business.
Despite the decline in the postal business, its revenue held up well, notching up a 4.8 per cent improvement to S$210.9 million over the period from a year back. This comes from growth in its e-commerce business, which is shaping up to be its roadmap to future growth.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Mapletree Industrial Trust to distribute S$13 million of divestment gains over next 4 quarters
K-Pop agency Hybe’s internal strife wipes out 1.2 trillion won
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
Hong Kong bourse regains favour on hopes of a market revival
Chinese sellers go to TikTok school to reach buyers abroad
Gold prices set for weekly decline ahead of US inflation data