SingPost H2 net profit falls 81.5% to S$41.2 million on lower revenue
Company cites challenging operating environment for the logistics and letters business
[SINGAPORE] Singapore Post ( SingPost ) on Thursday (May 14) recorded a net profit of S$41.2 million for its second half ended Mar 31, down 81.5 per cent from S$222.5 million in the year-ago period.
This translated to an earnings per share (EPS) of S$0.0183, versus an EPS of S$0.0989 in the previous corresponding period.
Revenue for the six months fell 18.2 per cent on the year to S$187.6 million from S$229.5 million.
SingPost said that the declines came “as the operating environment for the logistics and letters business, particularly in international e-commerce delivery, remained challenging”.
“While the post office network segment also showed a decline, property assets revenue remained relatively steady during the period,” it said.
The board is recommending a final dividend of S$0.0006 per ordinary share for the financial year ended Mar 31. Including the interim dividend of S$0.0008 per share paid out in December, total dividends amount to S$0.0014 per share.
The counter ended Wednesday 1.3 per cent or S$0.005 lower at S$0.375.
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