Singapore Post (SingPost) has released the company’s financial results for the first half of the financial year (FY) 2015/16, ending September 30, 2015.
The post’s continuing expansion in e-commerce and logistics activities, and contributions from the group’s new subsidiaries, raised SingPost’s revenue in the first half of FY2015/16 by 20.1% to S$517.8m (US$370m).
Operating profit was up 24.4% at S$122.2m (US$87m) due to steady operating performance in mail and logistics combined with one-off gains from divestments. SingPost’s net profit for FY2015/16 was S$100m (US$71.4m), an increase of 26.9%. Underlying net profit rose 1.4% to S$77.8m (US$55.6m).
E-commerce-related revenue now provides 29% of the group’s revenue due to strong growth in the sector. New subsidiaries such as Quantium Solutions helped to grow revenue from logistics operations by 43.5% to S$296.1m (US$211.6m).
Mail revenue declined 2% to S$241.7m (US$172.7m) as the group’s hybrid mail offering ceased with the divestment of Novation Solutions and DataPost. Operating profit rose 6.7% as the group continued to focus on productivity and efficiency of its mail operations, particularly with investments in mail infrastructure.
Dr Wolfgang Baier, group CEO for SingPost, said, “We emerge with a more stable and stronger foundation to our business since the start of our accelerated transformation. It is now showing in the numbers. Group revenue and total profit grew about 20% and 27% respectively. E-commerce logistics continue to deliver strong revenue growth and e-commerce related revenue is now 29% of group revenue. While overseas revenue grew to 39.5%.”
November 3, 2015