SingPost ends flat after 3.6% intraday fall amid H1 profit drop

[SINGAPORE] Shares of Singapore Post (SingPost) fell by as much as 3.6 per cent in intraday trade on Monday (Nov 10), after the company announced its financial results for its first half-year ended Sep 30.

It hit an intraday low of S$0.405 at 9.02 am, with some 2.4 million shares changing hands. The counter eventually pared those losses and finished the day flat at S$0.42, with about 18.9 million shares transacted.

The intraday drop followed news of SingPost’s 12.8 per cent drop in net profit to S$19.7 million for its H1 ended Sep 30, from S$22.6 million r for the previous corresponding period.

Revenue from its continuing operations of logistics and letters, the post office network and property assets fell to S$188.4 million, down 27.4 per cent from S$259.6 million a year earlier.

An interim dividend of S$0.0008 per share was declared for the half-year, compared with S$0.0034 per share the year before. The dividend will be paid on Dec 5 this year, after books closure on Nov 25.