Mainboard-listed mail and logistics firm SingPost posted a 37.2 per cent rise in net profit for the first quarter ended June 30, reaping $25.7 million, or $7 million more than the same period a year ago.
SingPost noted the absence of fair value losses this year after it reported exceptional fair value loss on warrants from an associated company for the first quarter of last year, which were then swopped for direct shareholding.
Underlying net profit, which excluded exceptional items, net of tax, was 3.9 per cent higher at $25.6 million versus $24.7 million a year ago. This was driven by improved results from associated companies and joint ventures, said SingPost.
Earnings per share was 0.98 cent compared with 0.66 cent a year ago. The company declared a dividend of 0.5 cent per share, the same as the year-ago period.
Revenue rose 1 per cent to $376.4 million from $372.6 million, driven by higher international post and parcel revenue arising from cross-border e-commerce deliveries.
From April 1, the group re-classified the reporting of certain business units under four key business segments - post and parcel, logistics, property and US business.
AT A GLANCE
REVENUE: $376.4m (+1%)
NET PROFIT: $25.7m (+37.2%)
DIVIDEND PER SHARE: 0.5 cent
Its US business comprises e-commerce companies TradeGlobal and Jagged Peak, which are in the midst of a sale process as part of SingPost's intention to exit them.
"Amid the backdrop of declining domestic letter volumes and a weaker economic outlook in our key markets, we will continue to navigate our way through the transformation journey, leveraging the continuous growth of e-commerce," said Mr Paul Coutts, SingPost's group chief executive officer.
"Meanwhile, we remain firmly focused on rolling out our mid-and longer-term measures aimed at improving service levels for our customers in the home market."