SingPost – BT

SingPost Q4 profit slides 17% to $30.55m

Group steps up investments in transformational programme to drive future growth; proposes 2.5-cent final dividend

SINGAPORE Post (SingPost) saw net profit for the fourth quarter ended March 31, 2012 slide 17.4 per cent to $30.55 million due to investments put towards a transformational programme to drive future growth.

"During the year, we invested in capabilities and resources in areas such as people, IT and operations and the results – revenue growth in our non-postal business, namely logistics and retail, in spite of challenging conditions – show that we are on the right track. We will continue to invest in the five business pillars – mail, digital services, logistics, e-commerce and retail & financial services," said group chief executive officer Wolfgang Baier. Some $9.7 million has been invested so far in 20 corporate-wide initiatives as part of the programme which will be executed through to FY2014/15.

Faced with a "difficult postal landscape and weaker business environment" as well as increasing cost pressures, SingPost is trying to build new revenue streams in the digital services and e-commerce businesses while pursuing growth in regional logistics and e-fulfilment.

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