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