SingPost revenue climbs by nearly 12% in third quarter

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Singapore Post (SingPost) has recorded third quarter revenue totaling S$412.8m (US$312.4m), an 11.7% increase over the same period the previous year.

The post has attributed the result to growth in its postal, e-commerce and property divisions, as well as a S$6.9m (US$5.2m) one-off adjustment of deferred tax arising from changes in the US corporate tax rate. As a result, the net profits rose more than 37% year-on-year to S$43m (US$33m).

Paul Coutts, group CEO, SingPost, said, “Good execution across the group saw us capture the benefits of a festive peak season in which e-commerce volumes made new records globally. During the quarter, revenue from e-commerce-related activities rose 26.4 % to S$247.8m (US$187.5m), hitting 60% of total revenue.”

Over the same period, SingPost’s postal revenue increased 15.8% and operating profit rose 4%. International mail revenue rose 37.7% to more than S$100m (US$75.7m), driven by higher cross-border e-commerce deliveries, including those for the Alibaba Group’s Double-Eleven shopping event in November 2017.

E-commerce revenue rose 19.7% in the quarter and more than halved its operating loss. SingPost subsidiary Jagged Peak recorded a 43.9% surge in revenue, reflecting the US festive peak retail season.

Rental and property-related income increased 52.9%, driven by rental income from the SingPost Centre retail mall that was opened in October 2017. Total expenses increased 14.7% year-on-year for the period, reflecting higher volume-related expenses.

February 6, 2018

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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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