SingPost Q4 profit down 51.6% at S$38.5m
Singapore
SINGAPORE Post (SingPost) on Tuesday posted a 51.6 per cent fall in net profit from S$79.6 million a year ago to S$38.5 million for its fourth quarter ended March 31, 2015.
The decrease was due to SingPost changing its accounting policy for investment properties from the cost model to the fair value model to improve transparency of its asset value, starting from Q4. Net profit now includes fair value reporting of investment properties; fair value gains for the quarter fell from S$44.5 million a year ago to S$5.2 million.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
HSBC appoints ex-Citi banker as new Singapore head of global banking
H2G Green chief to stand trial on Aug 5 amid MOM probe
Dasin Retail Trust’s trustee-manager chairman, directors deny allegations of misconduct
Microsoft adds security chiefs to product groups in wake of hacking woes
Singapore shares climb at Friday’s open; STI up 0.2%
A timeline of DBS’ recent banking glitches