SingPost ends 5.3% down after H2 earnings dive

[SINGAPORE] Shares of Singapore Post (SingPost) fell on Thursday (May 14) after the national postal service provider reported a sharp drop in net profit for its second half.

The stock declined 4 per cent or S$0.015 to S$0.36 as at 9.54 am, with around 10.1 million shares changing hands. This was 43.3 per cent lower than its closing price of S$0.635 one year ago.

It recovered somewhat to S$0.365 as at 10.05 am, still down by 2.7 per cent or S$0.01, with some 10.3 million shares transacted.

The counter finished at S$0.355, down S$0.02 or 5.3 per cent, after more than 26.1 million shares changed hands.

This follows SingPost’s H2 earnings results, released before the market opened, where net profit fell 81.5 per cent to S$41.2 million from S$222.5 million in the year-ago period.

The decline came “as the operating environment for the logistics and letters business, particularly in international e-commerce delivery, remained challenging”, said the group.

The post office network segment also logged declines but its property assets revenue remained “relatively steady” during the period, it added.

Earnings per share (EPS) stood at S$0.0183, down from an EPS of S$0.0989 in the previous corresponding period.

Revenue for the six months fell 18.2 per cent on the year to S$187.6 million from S$229.5 million.

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