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.