SingPost benefits from peak season in Q3

Singapore Post (SingPost) has seen revenues grow by 7.6% to S$441.4 million in Q3 thanks to a strong peak season. Net profit grew by 15.6% to S$50.2 million.

Profit on operating activities at SingPost declined 8.5 per cent to S$42.2 million as higher contributions from the Post & Parcel, Logistics and Property segments were largely offset by losses at the US eCommerce businesses. Underlying net profit, which excludes exceptional items, was down 7.5 per cent from last year at S$32.9 million.

Mr Paul Coutts, Group Chief Executive Officer, said: “It has been an exceptional quarter, with strong performance across the Group, other than the US which remains challenging. We continue to advance our integration and cost transformation programmes to enhance operational synergies and improve profitability amid intense competition in eCommerce logistics.”

Domestic and international parcel deliveries during the peak season drove revenues up by 9% in the Post & Parcel segment. Profit on operating activities rose 10.0 per cent, with domestic margins improving on operating synergies from the ongoing integration of its postal and parcel last mile delivery networks.

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