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SingPost's profit falls by 5% in third quarter due to rising costs and investments

Published on Jan 25, 2013 6:07 PM
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In this undated photo, Singpost's group chief executive Wolfgang Baier is seen with a new multi-sorter machine. Singpost today said its third quarter net profit fell by 5.1 per cent to $39.5 million, owing to increased costs due to inflationary pressure and investments into service quality and growth.  -- PHOTO: COURTESY OF SINGPOST

SINGPOST today said its third quarter net profit fell by 5.1 per cent to $39.5 million, owing to increased costs due to inflationary pressure and investments into service quality and growth.

Group revenue for the three months to Dec 31 grew 14.5 per cent to $171 million, driven mainly by growth in e-commerce activities as well as contributions from new investments.

Domestic mail volume declined for the fifth consecutive quarter but a very strong growth in international e-commerce packages and contributions from Novation Solution, which was acquired in May last year, helped to raise overall mail revenue to $118.1 million.

Logistics revenue rose 10.9 per cent to $63.2 million, with growth coming from e-fulfilment activities in Singapore and the region.

 
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