SingPost's net profit fell 12.8% in the first half of the year, and its stock price dropped nearly 4% this morning | Lianhe Zaobao
Singapore Post released its half-year results for the period ending September, reporting a net profit decline of 12.8% to SGD 19.7 million, mainly due to the lack of contributions from the previously sold Australian business. The group announced an interim dividend of 0.08 cents per share, down from 0.34 cents in the same period last year. Revenue from continuing operations fell 27.4% year-on-year to SGD 188.4 million, affected by the challenging environment in the logistics business and the volume of cross-border e-commerce deliveries. The stock price dropped nearly 4% this morning
Singapore Post released its half-year results for the current fiscal year ending September, reporting a net profit decline of 12.8% to SGD 19.7 million. This was mainly due to the lack of contributions from the previously sold Australian business, which offset the special gains from the disposal of other assets in the first half of the current fiscal year.
The group announced an interim dividend of SGD 0.08 per share, lower than the SGD 0.34 per share declared in the same period last year.
Revenue from the group's continuing operations, including logistics and mailing services, postal network, and real estate assets, fell by 27.4% year-on-year in the first half, from SGD 259.6 million in the same period last year to SGD 188.4 million.
The group stated that this was primarily due to the logistics business facing a "severe operating environment," with cross-border e-commerce delivery volumes particularly affected. Total revenue, including both continuing and discontinued operations, was SGD 992.4 million in the same period last year.
As of 9:30 AM on Monday, SingPost's stock price fell by 3.57% to SGD 0.405
