SingPost full year net profit declines 47.7%

SingPost full year net profit declines 47.7%

Singapore Post Limited has announced its results for the full year ended 31 March 2021.

Group revenue for the financial year rose by 6.9% to S$1.4 billion, largely led by strong eCommerce volume growth in both the Logistics as well as Domestic Post and Parcel segments. For the full year, eCommerce revenue represented 34% of total Domestic Post and Parcel revenue, up from 21% the year before.
Net profit attributable to equity holders however, declined to S$47.6 million, mainly due to COVID-19 related disruptions. This was partly offset by higher earnings contribution from the Logistics segment, as well as the absence of losses from discontinued operations.
For the full year, underlying net profit, which excludes the impact of exceptional items and other one-off items, declined 40% to S$60.1 million.
For the half year between 1 October 2020 and 31 March 2021 (“H2”), revenue rose 4.3% to S$696.9 million. Net profit attributable to equity holders for the half year was recorded at S$16.7 million, down 55.7% from the previous year as a result of higher costs due to COVID-19. Correspondingly, underlying net profit declined 40.1% to S$28.6 million in H2.
Mr Paul Coutts, SingPost Group CEO, said: “It’s been more than a year since COVID-19 struck the world, and the operating environment for businesses across all industries has changed as a result. SingPost has not been spared from the huge challenges the pandemic presented in the last year.  Despite this, we delivered a resilient performance and remained profitable. More importantly, we have positioned SingPost for the rebound which will come in time. We continue to adapt as needed in order to execute on our longer-term strategy, forging ahead with our vision to be a leading eCommerce logistics provider,” Mr Coutts added.

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