SingPost said it posted a net profit was higher by 5.1% at $39.2 million in the first quarter of FY2014/15 (1QFY14/15), compared to $37.3 million in the same quarter last year (1QFY13/14). Excluding one-off items, underlying net profit was flat at $36.2 million.
SingPost said it continues to grapple with a declining postal industry and rising costs. Despite that, the group achieved a 4.8% increase in revenue to $210.9 million in 1QFY14/15, as growth in e-commerce-related activities continued to offset declines in the traditional postal business.
In the Mail division, revenue from domestic mail declined slightly but overall mail revenue grew 7.4% to $123.2 million boosted by growth in e-commerce related transhipment business and higher one-off corporate postings relating to the Personal Data Protection Act which came into effect in July 2014.
Logistics revenue was higher by 4.1% to $97.6 million with growth in contributions from ecommerce logistics activities under Quantium Solutions, the domestic parcel business, the freight forwarding business of Famous Holdings, and Lock+Store self-storage business.
In Retail & eCommerce, revenue from financial services and eCommerce services grew 9.7% to $22.8 million offsetting declines in traditional retail and agency services. Revenue from eCommerce services was boosted by growth in its Omigo and vPOST business.
Rental and property-related income fell 3.6% to $10.8 million as a result of lower contributions from SingPost’s properties.
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