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