SingPost slides to 12-month low after TradeGlobal writedown

Singapore

SHARES of Singapore Post hit a 12-month low of S$1.29 on Monday as analysts downgraded the mail carrier following disappointing results and a major impairment. It eventually recovered to close five Singapore cents lower, or down 3.6 per cent, to S$1.34 on a volume of 39.8 million shares.

In reporting its results for the fourth fiscal quarter ended March 31, SingPost said on Friday evening that it incurred a S$185 million writedown on TradeGlobal after the unit took on a S$25.8 million loss during the quarter. SingPost also cut its dividend payout to half a cent, a fifth of what it paid out the previous year.