SingPost's Q2 profit falls 12.9%, weighed down by one-off item

Singapore

SINGAPORE Post (SingPost) said its second quarter net profit shrank 12.9 per cent to S$25.1 million, hit by a fair value loss.

The group recorded an exceptional fair value loss on warrants from an associate company of S$2.9 million compared to an exceptional gain of S$0.9 million last year. Excluding this, underlying net profit would have risen marginally, by 0.4 per cent to S$28.1 million.

SingPost's overall operating profit jumped by 33.5 per cent to nearly S$40 million but this was offset partly by a S$3.6 million loss in the share of…