SingPost reports 40.4% lower 1Q earnings on fair value loss, higher taxes; declares 0.5 cent dividend

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SINGAPORE (Aug 3): Singapore Post (SingPost) reported 1Q FY17/18 earnings of S$18.7 million, down 40.4% from S$31.4 million a year ago due an exceptional fair value loss on warrants from an associated company as well as higher tax expenses.

Revenue for the quarter grew 3.3% to S$372.3 million from the restated 1Q FY17/18 revenue of S$360.5 million, driven mainly by a 67.1% increase in operating profit under the Property segment due to rental income from the SingPost Centre retail mall as committed occupancy improved.  

While revenue from international mail and last-mile deliveries grew on higher e-commerce contributions, the segment’s margins were lower and resulted in a decline in Post and Parcel operating profit... (Click here to read the full story)