SingPost records net profit growth of 6.8pct to SGD149M
Singapore Post Limited (“SingPost”) announced its unaudited results for the fourth quarter and financial year ended 31 March 2008.
For FY2007/08, the Group’s revenue increased by 8.4pct from SGD436.0 million to
SGD 472.6 million. All business segments showed an improvement in performance for the full year.
♦ Mail revenue grew by 7.9pct from SGD338.4 million to SGD365.3 million, underpinned by higher mail volumes and price adjustments. Revenue was boosted with the growth in direct mail which saw a 16.4pct increase in traffic as well as higher traffic in domestic and international mail. DMrocket, a one-stop direct mail centre, was launched during the year, fuelling greater interest in direct mail as a cost-effective means for businesses to reach out to their customers. During the year, SingPost’s hybrid mail business expanded into Hong Kong and Thailand.
♦ Logistics revenue rose by 6.7pct from SGD64.3 million to SGD68.6 million, due to higher contributions from Speedpost, vPOST online shopping and shipping transactions, and warehousing, fulfillment and distribution. A new service Speedpost Centre was launched to cater to retail and corporate customers.
♦ Retail recorded a 10.8pct increase in revenue from SGD55.6 million to SGD61.6 million, as increased contributions from financial services and retail products offset the decline in agency and bill presentment services. In FY2007/08, SingPost collaborated with new partners to introduce a variety of financial products and valueadded services. These included two new remittance services – Visa Money
Transfer and Cashome to Indonesia – with Visa and Bank Negara Indonesia respectively, and an investment fund with Prudential Asset Management. It also started offering more value-added services including five key Immigration and Customs Authority (ICA) e-services. SingPost was also the ticketing agent for major events such as the F1 Grand Prix, Chingay Festival and Singapore Air Show. Highvalue products were also offered via its shop@POST catalogue.
1.00 SGD = 0.728948 USD
Singapore Post Limited (“SingPost”) announced its unaudited results for the fourth quarter and financial year ended 31 March 2008.
For FY2007/08, the Group’s revenue increased by 8.4pct from SGD436.0 million to
SGD 472.6 million. All business segments showed an improvement in performance for the full year.
♦ Mail revenue grew by 7.9pct from SGD338.4 million to SGD365.3 million, underpinned by higher mail volumes and price adjustments. Revenue was boosted with the growth in direct mail which saw a 16.4pct increase in traffic as well as higher traffic in domestic and international mail. DMrocket, a one-stop direct mail centre, was launched during the year, fuelling greater interest in direct mail as a cost-effective means for businesses to reach out to their customers. During the year, SingPost’s hybrid mail business expanded into Hong Kong and Thailand.
♦ Logistics revenue rose by 6.7pct from SGD64.3 million to SGD68.6 million, due to higher contributions from Speedpost, vPOST online shopping and shipping transactions, and warehousing, fulfillment and distribution. A new service Speedpost Centre was launched to cater to retail and corporate customers.
♦ Retail recorded a 10.8pct increase in revenue from SGD55.6 million to SGD61.6 million, as increased contributions from financial services and retail products offset the decline in agency and bill presentment services. In FY2007/08, SingPost collaborated with new partners to introduce a variety of financial products and valueadded services. These included two new remittance services – Visa Money
Transfer and Cashome to Indonesia – with Visa and Bank Negara Indonesia respectively, and an investment fund with Prudential Asset Management. It also started offering more value-added services including five key Immigration and Customs Authority (ICA) e-services. SingPost was also the ticketing agent for major events such as the F1 Grand Prix, Chingay Festival and Singapore Air Show. Highvalue products were also offered via its shop@POST catalogue.
Rental and property related income improved by 18.2pct from SGD20.2 million to SGD23.9 million, benefiting from higher rental rates and yield enhancement initiatives at Singapore Post Centre.
The Group’s net profit rose by 6.8pct from SGD139.8 million to SGD149.3 million for FY2007/08. Excluding the one-off impact of the tax adjustments, the impairment charge, gains from disposal of properties and the share of one-off items from Spring JV, the Group’s underlying net profit grew by 7.1pct from SGD130.8 million to SGD140.0 million.
