SingPost net profit increases by nearly 280% for FY 2017-18

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Singapore Post (SingPost) has reported revenue growth of 8.6%, with sales of S$1.46bn (US$1bn) for the financial year ending March 31, 2018.

The increase has been attributed to growth in e-commerce-related activities across the postal and logistics segments.

Net profit rose 278% to S$126m (US$94m), largely due to the absence of one-off impairment charges. Excluding exceptional items, underlying net profit declined 9.2% to S$105m (US$79m). While the e-commerce and property segments saw improved performance, logistics and postal operating profits fell.

For the fourth quarter, revenue grew 13.5% to S$367.5m (US$276m) and net profit improved to S$23.9m (US$18m) from a loss of S$65.2m (US$49m), which reflected impairment charges in exceptional items.

Operating profit, excluding exceptional items, improved 18%. Lower contributions from associates and increased tax provision however resulted in underlying net profit for the quarter declining 28.6% to S$15.3m (US$12m).

Paul Coutts, group CEO, SingPost, said, “The company is well positioned to benefit from the strong growth in global e-commerce and last-mile deliveries as we progress to the next phase of our strategy.

“We continue to execute on our transformation and build on our partnership with Alibaba in e-commerce. We are integrating and scaling our e-commerce businesses in the USA and Southeast Asia, as well as the rest of our overseas operations, and optimizing the cost structure of the SingPost Group.”

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Dan joined Postal and Parcel Technology International in 2014 having spent the early years of his career in the recruitment industry. As assistant editor, he now produces daily content for the website and supports the editors with the publication of each exciting new issue. When he’s not reporting on the latest logistics news, Dan can be found apprehensively planning his next DIY project for his new home.

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