SingPost Group’s unaudited results for the first quarter ended 30 June 2007
Singapore Post has announced strong growth in profits and revenues for the first quarter ending 30 June 2007, following formal de-regulation of the state’s mail services.
The group posted 10 pct growth in revenue to SSD115.5 million (EUR 55.7 million), with mail revenues up 10.9 pct. Logistics revenue was up 3.8 pct to SSD16.1 million on increased Speedpost traffic and vPOST on-line shopping transactions.
In the quarter, SingPost achieved a 15.3 pct rise in operating profit to SSD45.5 million (EUR 21.9 million), with mail profit up 14.3 pct to SSD 37.2 million and logistics profit up by 7.6 pct to SSD 2.1 million.
The Group’s net profit increased 24 pct to SSD 38.4 million, including a one-off gain on the sale of the US business by the Spring JV. The underlying net profit improved 14.9 pct to SSD 34.9 million.
