SingPost’s 1Q earnings fall 23% to $35.9 mil on absence of one-off gains

SINGAPORE (Aug 4):  Mail, logistics and e-commerce company Singapore Post (SingPost) reported a 23% decline in 1Q earnings to $35.9 million from $46.6 million in the same quarter the year before.

The higher earnings in 1Q last year were largely driven by one-off gains from the divestments of Novation Solutions and DataPost HK. On the absence of these one-off gains, miscellaneous income fell to $2.4 million from $13.6 million in the comparable quarter last year.

SingPost recorded a revenue growth of 30.9% to $333.4 million. The uplift in revenue was mainly due to the group’s continued expansion of cross-border e-commerce related activities, as well as the inclusion of contributions from its new subsidiaries.

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