SingPost – Q108

Financial Data

All the data are extracted from the results,

FY05

FY06

Q107

Q207

Q307

Q407

FY07

Q108
Revenue

375,811

412,799

105,053

106,589

111,758

112,645

436,045

115,531
Op Profit

130,389

151,829

39,425

44,301

43,281

42,258

169,265

45,472
PBT

138,341

154,238

38,419

44,194

41,953

41,851

166,417

46,489
Net Profit

110,482

123,877

31,306

31,345

34,118

36,328

140,257

38,473
NPM

29.40%

30.01%

29.54%

29.41%

30.53%

32.25%

32.17%

33.30%
Cash

159,048

53,258

71,956

56,603

65,772

68,981

<–

96,346
Loan – NCL

300,000

349,452

333,457

332,618

324,331

316,319

<–

296,820
Loan – CL

—

—

—

—

—

—

—

—
NAV (ct)

17.4

7.7

7.6

8.2

8.8

9.9

<–

12.0
EPS (ct)

5.79

6.46

1.61

1.89

1.78

2.1

7.29

1.998
DPS (ct)

5.0

15.5*

1.25

1.25

1.25

2.5

6.25

1.25

Notes :

  • * – Special Div = 10cts for Q2 (Sep-05)
  • All figures in S$,000 unless otherwise stated
  • FY is end-Mar

Result Highlights

  • The Group posted a 10.0% growth in revenue from S$105.1 million to S$115.5 million, with all three business segments achieving improved performances.
    ♦ Mail – Revenue increased 10.9% from S$82.4 million to S$91.4 million, on the back of higher contributions from domestic mail, international mail and hybrid mail. The first quarter included one-off mailings such as the GST Offset Package.
    ♦ Logistics – Revenue was up 3.8% from S$15.5 million to S$16.1 million on increased Speedpost traffic and vPOST on-line shopping transactions.
    ♦ Retail – Revenue rose 10.6% from S$12.7 million to S$14.1 million, underpinned by growth in financial services.
  • Rental and property-related income showed an 11.4% increase from S$4.8 million to S$5.3 million. The Group continued to benefit from higher rental rates and yield enhancement initiatives at SingPost Centre.
  • Miscellaneous income rose by 157.5% from S$0.8 million to S$2.1 million. During the first quarter, the Group recorded a gain of S$1.9 million from the disposal of a non-core property.
  • Total expenses increased by 8.0% from S$73.6 million to S$79.5 million, as a result of higher labour and related costs, volume-related costs as well as selling expenses, which rose in tandem with increased business activities. Finance expenses declined by 15.4% from S$2.7 million to S$2.3 million as the Group fully repaid the bank term loan obtained in March 2006.
  • The Group achieved a 15.3% growth in operating profit from S$39.4 million to S$45.5 million, with all business segments contributing to the improvement. Mail operating profit rose by 14.3% from S$32.5 million to S$37.2 million, on good operating leverage, while Logistics operating profit improved by 7.6% from S$1.9 million to S$2.1 million. In Retail, operating profit rose by 11.9% from S$1.8 million to S$2.0 million.
  • The Group’s share of profit from the Spring JV included a one-off gain of S$1.5 million from the sale of its US business. Excluding the one-off gain, contributions from the Spring JV rose by 10.7% or S$0.1 million from S$1.4 million to S$1.5 million.
  • As a result of the good operational performance, the Group achieved a 24.0% increase in net profit from S$30.9 million to S$38.4 million. Excluding gains from the disposal of non-core properties and the one-off gain on the sale of the US business by the Spring JV, the Group’s underlying net profit showed a 14.9% growth from S$30.4 million to S$34.9 million.

Forward Statements

  • Believes it is well positioned to address the challenges of the deregulation of the basic mail services market
  • Actively pursuing and implementing initiatives to enhance and grow its core business of Mail and Logistics
  • Diversification strategy – Will continue to leverage its retail and distribution network to offer higher value products and services to customers
  • Continue to extend its regional reach with initiatives to roll out and grow the hybrid mail and vPOST businesses in the regional markets

Source : SGX

July 30, 2007 SingPost No Comments »

Leave a Reply