SingPost net profit rises 37 per cent amid eCommerce peak season

[POSTMAN]

Revenue rose 11.7 per cent to S$412.8 million for the third quarter of FY2017/18
Excluding exceptional items, underlying net profit rose 11.9 per cent on stronger performance of Postal, eCommerce and Property segments
Q3 FY2017/18 dividend of 0.5 cent per share declared

Singapore Post Limited (“SingPost”) today announced its results for the third quarter ended 31 December 2017.

Revenue for the quarter increased 11.7 per cent to S$412.8 million, fuelled by growth across the Group.

Net profit attributable to equity holders rose 37.2 per cent to S$43.0 million, driven by improved performance in the Postal, eCommerce and Property divisions, as well as a S$6.9 million one-off adjustment of deferred tax arising from changes in the US corporate tax rate. Excluding exceptional items, underlying net profit was up 11.9 per cent to S$35.2 million.

Mr Paul Coutts, Group Chief Executive Officer, said: “Good execution across the Group saw us capture the benefits of a festive peak season in which eCommerce volumes made new records globally. During the quarter, revenue from eCommerce-related activities rose 26.4 per cent to S$247.8 million, hitting 60.0 per cent of total revenue. We will move ahead with our strategy to become a leading postal and eCommerce logistics company to realise the full potential of our transformation.”

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