Singapore Post registers marginal growth
SingPost Group registered a marginal revenue growth of 1.6% from S$122.0 m to S$124.0 m in Q3 FY2008/09, reflecting the initial impact of the economic downturn.
SingPost Group registered a marginal revenue growth of 1.6% from S$122.0 million to S$124.0 million in Q3 FY2008/09, reflecting the initial impact of the economic downturn.
Growth rate was slower across the board, with several business lines experiencing
declines in volume or transactions.
Mail revenue rose 1.5% to S$95.5 million, contributed mainly by domestic mail and
hybrid mail business. During the quarter, the Group launched A.M. Mail, a time-certain
delivery service that bridges the gap between courier service and regular mail service to
cater to the needs of small-medium enterprises (SMEs), professional bodies and the
general consumer.
In Logistics, revenue improved 2.1% to S$18.5 million as higher contributions from
warehousing, fulfilment and distribution and vPOST offset the decline in Speedpost
revenue.
Retail revenue rose 5.5% to S$16.2 million from increased mail handling activities at the
post offices but this was partly offset by lower contributions from Financial Services
which continued to be adversely impacted by the change in the Central Provident Fund
(CPF) investment scheme which took effect from 1 April 2008.
Rental and property-related income continued to improve on the back of higher rental
income from Singapore Post Centre as well as additional rental income from the leasing
of space at re-purposed post office buildings.
The Group’s net profit declined slightly by 0.5% in Q3 FY2008/09. Excluding one-off
items, underlying net profit decreased marginally by 0.2% or S$0.1 million to S$36.6
million.
During the quarter, SingPost continued in its efforts to enhance customer experience
through the re-purposed and integrated post offices at Tanglin and Alexandra. Several
other post offices were also renovated, providing customers with an even more pleasant
experience at the branches. In October 2008, SingPost introduced a new mobile post
office concept, Post-on-Wheels or PoWee at Changi International Airport, offering an
innovative customer experience.
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