SingPost Group’s unaudited results for the first quarter for the financial year ending 31 March 2009
Singapore Post Limited (“SingPost”) announced its unaudited results for the first quarter of the financial year ending 31 March 2009.
SingPost Group achieved a 4.6 pct growth in revenue from SGD115.5 million to SGD120.9 million in the first quarter of FY2008/09 on the back of improved performances by its three business segments.
Mail business recorded a 2.4pct growth in revenue to SGD93.6 million on higher mail
traffic, while Logistics revenue increased 11.8pct to SGD18.0 million, as a result of growth in Speedpost traffic, vPOST shopping and shipping transactions and warehousing, fulfilment and distribution services.
Growth in retail products, agency and financial services revenue contributed to the 17.6pct increase in Retail revenue to SGD16.5 million.
The Group’s rental and property related income was up 34.9pct to SGD7.2 million, mainly due to higher rental rates at Singapore Post Centre and an increase in lettable space.
Miscellaneous income was lower by 34.1pct at SGD1.4 million compared to SGD2.1 million in the same quarter last year, which included a one-off gain of SGD1.9 million from the disposal of a property.
The Group continued to focus on cost management in the face of inflationary pressures on operating costs. Total expenses rose by a slower 3.4pct compared to the past few quarters.
For the first quarter of FY2008/09, net profit grew 2.9pct from SGD38.4 million to SGD39.5 million. Excluding one-off items, the Group posted underlying net profit growth of 11.6pct to SGD38.9 million.
Singapore Post Limited (“SingPost”) announced its unaudited results for the first quarter of the financial year ending 31 March 2009.
SingPost Group achieved a 4.6 pct growth in revenue from SGD115.5 million to SGD120.9 million in the first quarter of FY2008/09 on the back of improved performances by its three business segments.
Mail business recorded a 2.4pct growth in revenue to SGD93.6 million on higher mail
traffic, while Logistics revenue increased 11.8pct to SGD18.0 million, as a result of growth in Speedpost traffic, vPOST shopping and shipping transactions and warehousing, fulfilment and distribution services.
Growth in retail products, agency and financial services revenue contributed to the 17.6pct increase in Retail revenue to SGD16.5 million.
The Group’s rental and property related income was up 34.9pct to SGD7.2 million, mainly due to higher rental rates at Singapore Post Centre and an increase in lettable space.
Miscellaneous income was lower by 34.1pct at SGD1.4 million compared to SGD2.1 million in the same quarter last year, which included a one-off gain of SGD1.9 million from the disposal of a property.
The Group continued to focus on cost management in the face of inflationary pressures on operating costs. Total expenses rose by a slower 3.4pct compared to the past few quarters.
For the first quarter of FY2008/09, net profit grew 2.9pct from SGD38.4 million to SGD39.5 million. Excluding one-off items, the Group posted underlying net profit growth of 11.6pct to SGD38.9 million.
Mr Wilson Tan, Group CEO of SingPost, said, “I am pleased to report on a healthy set of results for the first quarter, with growth registered by all business lines. The Group’s operating expenses showed a slower increase in the first quarter and we remain watchful and will continue to focus efforts on productivity and processes to ensure sustainable cost management.”
As with most companies, the uncertainties in the global economy following the developments in the US economy will have an impact on the business outlook in Singapore. In addition, there will be continuing inflationary pressures on operating costs. The operating environment also remains challenging with the liberalisation of the basic mail services market. However, the Group has in place strategies to grow the business, and it will continue to press on with its pursuit for growth.
While the liberalisation of the basic services market and entry of new players is expected to result in margin pressure, the Group believes that it is positioned to address the challenges. It remains focused on growing its core business of Mail and Logistics, and leveraging its retail and distribution network to offer higher value products and services to customers. As part of its growth strategy, the Group will explore acquisition opportunities as and when they arise.
The Group will continue to explore opportunities in unlocking the value of Singapore Post Centre. In exploring its options, the Group has appointed a marketing agent to help assess the level of market interest through an Expression of Interest (EOI).
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