SingPost – BT

SingPost’s Q1 profit rises 2.9%

SINGAPORE Post saw net profit grow 2.9 per cent year on year to $39.5 million for its first quarter ended June 2008. The rise came on a 4.6 per cent increase in revenue to $120.9 million, as SingPost’s three business segments did better.

The mail business recorded 2.4 per cent growth in revenue to $93.6 million on higher traffic, while logistics revenue increased 11.8 per cent to $18 million. Growth in retail products, agency and financial services revenue contributed to a 17.6 per cent increase in retail revenue to $16.5 million.

The group’s rental and property related income was up 34.9 per cent to $7.2 million, mainly due to higher rents at Singapore Post Centre and an increase in lettable space.

Excluding one-off items, the group posted underlying net profit growth of 11.6 per cent to $38.9 million. SingPost has declared an interim quarterly dividend of 1.25 cents a share.

‘The group will continue to explore opportunities in unlocking the value of Singapore Post Centre,’ SingPost said.

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