SingPost: pressing on with long term strategy “to remain relevant”

SingPost: pressing on with long term strategy “to remain relevant”

Singapore Post has announced its results for the full year ended 31 March 2020 which shows revenue declined 0.7% to S$1.31 billion. The company predicts a challenging outlook for Q4 results as a result of COVID-19, but insists it is still pressing on with its long term strategy “to remain relevant”.

Financial highlights

  • Revenue declined 0.7% to S$1.31 billion for the full year ended 31 March 2020
  • Net profit up mainly due to absence of impairment charges for U.S. businesses incurred in the previous year
  • Underlying net profit remained stable at S$100.2 million
  • Challenging outlook since Q4 and for year ahead due to on-going COVID-19 crisis
  • Final dividend of 1.2 cents per share proposed

Mr Paul Coutts, SingPost Group CEO, said: “Since the start of 2020, COVID-19 has posed significant challenges to the operating environment for businesses across all industries, with major economies warning of job cuts and recession in the coming year. Despite the strong demand for logistics and delivery services, SingPost will not be spared from the economic fallout if COVID-19 persists, so we are focused on ensuring our cost base remains sustainable.

“In spite of the difficult operating environment, we will press on with our longer term strategy in order to stay relevant and to prepare ourselves to capitalise on the opportunities that will emerge from this crisis,” Mr Coutts added.

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