Singapore Post (SingPost) reported last week that its net profit for year end 31 March was up a whopping 278.4% to S$126.4 million. Revenues were up a healthy 8.6% to S$1.46 billion.

In a statement, SingPost said that the jump in profit was largely due to the absence of one-off impairment charges. “Excluding exceptional items,” added SingPost, “underlying net profit declined 9.2% to S$105.0m. While the eCommerce and Property segments saw improved performance, Logistics and Postal operating profits fell.”

Paul Coutts, Group Chief Executive Officer, said: “SingPost is well positioned to benefit from the strong growth in global eCommerce and last-mile deliveries as we progress to the next phase of our strategy.”

Coutts added: “We continue to execute on our transformation and build on our partnership with Alibaba in eCommerce. We are integrating and scaling our eCommerce businesses in the US and Southeast Asia, as well as the rest of our overseas operations, and optimising the cost structure of the SingPost Group.”