SingPost's Q3 net profit slips 28%

SINGAPORE Post posted a 28 per cent drop in third quarter net profit to S$31.35 million from S$43.50 million a year ago.

Underlying net profit was down 28.5 per cent to S$31.41 million.

The declines were due to operating losses in the US e-commerce business, costs related to the new Regional eCommerce Logistics Hub and a fall in domestic mail volumes, said the company in an announcement to the Singapore Exchange.

Revenue for the three months to December 2016 was up 16.8 per cent at S$369.39 million.

Earnings per share came in at 1.28 Singapore cents versus 1.84 Singapore cents in the previous year's corresponding quarter.

It declared a lower interim dividend of 0.5 Singapore cent for the period compared with 1.50 Singapore cents a year ago.

The counter slipped 0.5 Singapore cent or 0.34 per cent to finish at S$1.47 on Friday.