SingPost's Q2 net profit up 5.5%

Singapore

SINGAPORE Post's (SingPost's) net profit for the second quarter rose 5.5 per cent to S$37.6 million, nudged upwards by its e-commerce-related businesses. Even so, the group, which is in the throes of an e-commerce logistics reinvention, saw underlying net profit flat at S$37.5 million - 0.8 per cent higher year on year after one-off costs such as restructuring expenses in the previous financial year were excluded.

Its revenue for the quarter ended Sept 30, 2014 rose 8.1 per cent to S$220.3 million, with growth across all three of its segments - mail, logistics, and retail and commerce. The mail segment - which saw revenue grow 3.2 per cent to S$123.5 million - was propped up by more international mail transhipments. Even as international mail revenue grew 20.7 per cent to S$51.1 million, domestic mail continued its decline, shrinking 5.3 per cent year on year to S$59.9 million for the quarter.