Singapore Post delivered earnings of $7.2 million for the fourth quarter that ended in March, reversing losses in the corresponding quarter a year ago due to $100 million in impairment charges.
The better bottom line came on the absence of one-off impairment charges of its United States e-commerce subsidiaries that have filed for voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code.
But the national postal service provider generated a lower top line at $312.2 million for the three months, down 2.7 per cent year on year from $320.7 million, said SingPost yesterday.
The board has recommended a final dividend of 1.2 cents per share, less than the two cents given out in the year-ago period. Shareholder approval is needed for the dividend proposal at the annual general meeting.
The mainboard-listed company's revenue from post and parcel was down 5.7 per cent in the quarter.
Domestic letter mail volumes continued their double-digit decline for a second straight quarter, while international post and parcel saw a drop in revenue and operating profit, owing to the disruption from border control measures during the coronavirus pandemic.
As a result, profit on operating activities in the post and parcel segment dropped 47.7 per cent in the quarter.
SingPost shares closed 0.67 per cent down at $0.74 yesterday.
THE BUSINESS TIMES
