SINGAPORE - First quarter net profit at SingPost rose 5.1 per cent over the same period last year to reach $39.2 million.

Excluding one-off items, underlying net profit was flat at $36.2 million.

The company also saw a 4.8 per cent increase in revenue to $210.9 million in the three months ended Jun 30, as growth in e-commerce related activities continued to offset declines in the traditional postal business.

There is tremendous cost pressure, with higher operating costs due mainly to increased manpower costs from additional postman hires and higher overtime costs, said Dr Wolfgang Baier, SingPost group chief executive officer.

Earnings per share came in at 1.863 cents for the first quarter, up from 1.775 cents in the same period last year. Net asset value per share was 38.76 cents as at Jun 30, from 36.52 cents as at Mar 31.

The company declared an interim quarterly dividend of 1.25 cents per share, payable on Aug 29.