SingPost registers 2% fall in EBIT for Q1 FY2021 on decline in international business

SINGAPORE Post (SingPost) S08 registered a 2 per cent fall in earnings before income and taxation to S$21 million for its fiscal first quarter from a year ago, due to declines in the international post and parcel business, the company said in a filing on Friday.

Earnings were also impacted by the absence of S$8.3 million in government grants in areas like the Jobs Support Scheme, but were partly offset by the profits earned from its logistics and property segments of the business.

Group revenue for the three months ended June 30 stood at S$353 million, compared with S$360 million in the same period a year ago.

This, SingPost explained, was partly offset by higher e-commerce logistics revenue in Singapore and Australia, higher revenue from its Famous Holdings due to volume growth, as well as its property segment mainly due to the absence of rental rebates provided to eligible tenants in 2020.

SingPost said owing to the ongoing pandemic, its financial performance will continue to be affected by extenuating factors, including higher international conveyance costs on the international post and parcel business, but that is expected to improve as flights out of Changi Airport normalise.

It added that it will continue to seek opportunities to grow its Australia businesses to create a second home market there.

Shares of SingPost closed flat at 63 Singapore cents on Friday.

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