SingPost expects higher parcel revenue with resumption of longer-haul flights

SINGAPORE Post’s e-commerce logistics segment was a bright spot in its latest financial results, although further recovery of its post and parcel segment would likely depend on the gradual resumption of longer-haul flights. 

The mainboard-listed postal services company posted a 188.1 per cent rise in net profit to S$48.1 million for the second half year ended Mar 31, 2022, from S$16.7 million in the year-ago period. Earnings per share rose to S$0.0186, from S$0.0041. 

The increase in net profit was primarily due to growth in e-commerce, which saw revenue grow 90.3 per cent to S$619 million. Overall group revenue increased 34 per cent to S$934.2 million. SingPost breaks its revenue down into 3 segments: its post and parcel segment declined 15 per cent to S$296.8 million, while the property segment fell 8.2 per cent to S$55.1 million.