Singpost reports growth in Q3

Singapore Post has reported its financial results for the third quarter of 2014 ended December 31, 2014. It reported that Q3 revenue grew by 7.6% year-on-year to S$239.6m. The company also recorded net profit of S$42.2m, an increase of 8.0% compared to the third quarter of 2013. Accordingly Singapore Post’s margin stood at 17.61%.

The company states that revenue growth was underpinned by contributions from logistics and e-commerce related activities, offsetting the decline in traditional mail revenue. Revenue in the Mail segment fell 2.3% to S$130.1m as a result of lower contributions from domestic mail and international mail. In contrast Logistics revenue grew by 20.7% to S$122.1m with better contributions by the business lines. Quantium Solutions and Singapore Parcels continued to grow e-commerce logistics contributions while freight forwarding revenue from Famous Holdings increased with new subsidiaries.

In Retail & e-commerce, revenue grew marginally to S$22.9m as the decline in traditional retail and agency services and financial services was offset by growth in e-commerce services. Rental and property-related income declined by 3.9% to S$10.9m, mainly due to lower rental income from Singapore Post Centre.

Total Q3 expenses amounted to S$199.1m, an increase of 8.0% compared to the same quarter of 2013. The rise in expenses was mainly due to increased operating cost in Singapore and continuing investment in transformation activities. The company stated that strategic investments to drive transformation while enhancing efficiency and productivity were responsible for the improvement to the net profit result.


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