SingPost's quarterly net profit rises 5% to $30.9 million
SINGAPORE Post yesterday reported a 5 per cent rise in net earnings to $30.9 million, on turnover of $105.1 million, for the three months ended June 30, 2006.
During the quarter, mail revenue grew 5.4 per cent to $82.4 million, due to improved performances by all business lines, namely, domestic mail, international mail, hybrid mail and philatelic. Thank to higher contributions from Speedpost, warehousing, fulfilment and distribution, logistics revenue rose 11 per cent to $15 million from $13.5 million previously.Related articles:
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SingPost’s financial statements
SingPost’s results presentation
Retail business also posted a strong 15.6 per cent growth to $13.2 million in the first quarter. SingPost attributed this to increased contributions from financial services, retail products and vPOST mail-order transactions, which offset the decline in agency/bill presentment revenue.
Said Lau Boon Tuan, chief executive officer of SingPost: ‘Our core businesses continued to perform well in the first quarter, sustaining the growth momentum achieved over the past quarters, in spite of challenging conditions which include continued declines in public mail volumes and pricing pressure in agency/bill presentment services.’
The company said it will continue to drive growth in its core businesses by pursuing and implementing initiatives in direct mail, mailroom management, MyStamp and Speedpost Express. It will also focus on rolling out higher value products and services.
SingPost is extending its regional reach with initiatives to roll out the hybrid mail and vPOST businesses into the region. Its hybrid mail business, under its subsidiary, DataPost Pte Ltd, has set up printing facilities in the Philippines and Malaysia. SingPost is also tying up with key partners in the region for online shopping, through its internet portal, vPOST.
The company’s board of directors has also declared an interim quarterly dividend of 1.25 cents per share (tax exempt one-tier), payable on Aug 31, 2006.
