SingPost – BT

SingPost Q2 profit down 5.6%

SingPost Group on Thursday said net profit declined 5.6 per cent to $37.4 million in its second quarter ended September 2008. Excluding one-off items, underlying net profit was higher by 11.4 per cent at $38.7 million.

The group registered a 4.1 per cent growth in revenue to $120.7 million in the second quarter, with improved performances across all its three business segments

Mail revenue grew 2.8 per cent to $91.7 million, from higher contributions from its business lines – domestic mail, international mail, hybrid mail and the philatelic business.

Logistics revenue was up 6.4 per cent to $18.8 million, on growth in its Speedpost and vPOST shipping transactions and warehousing, fulfilment and distribution. During the

Retail business posted an 8.6 per cent increase in revenue to S$16.6 million, driven mainly by continued growth in financial services, particularly remittances. The group’s rental and property-related income for the second quarter increased by 39.3 per cent to $8.2 million, on the back of higher rental income from Singapore Post Centre.

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