Singapore Post is aiming for further growth and diversification in Asian markets this year afterfurther increasing profits in the year ending March 31, 2007. Singapore is due to liberalise its
postal market this year.The postal operator increased full-year revenues by 5.6% to S$436 million (EUR 210.4million), improved pre-tax profits by 7.9% to S$166.4 million (EUR 80.1 million) and raised its netincome by 13.2% to S$140.3 million (EUR 67.7 million).
Mail revenues, which account for 78% of total revenue, rose 4.4% to S$338.4 million (EUR163.3 million), as all business lines – domestic mail, international mail, hybrid mail andphilatelic – showed improvements in contributions, SingPost said.
Logistics revenue grew 5.7% to S$64.3 million (EUR 31.3 million), due to growth in revenue atSpeedpost, its express venture with DHL, and shipping contributions from vPOST online shoppingtransactions.
SingPost’s Group CEO, Lau Boon Tuan, said: “To prepare for the challenges of further postalliberalisation and to create greater shareholder value, the Board made the strategic decision toleverage our Retail network and enhance the core business. New revenue streams were generated withthe diversification into financial services as SingPost continued to grow the mail and logisticsbusiness.”
He added: “In FY2006/07, we further executed on our strategy, pursuing initiatives to growthe business further. In Mail, we continued to focus on growing direct mail and attractinginternational publishers to print and distribute out of Singapore. We also expanded our hybrid mailbusiness, setting up a subsidiary in Hong Kong and expanding our facility in Malaysia. ForLogistics, we focused on growing our customer base. Our e-business was also extended into theregion.
Looking ahead, Lau Boon Tuan said: “For FY2007/08, we will also focus on driving growth, notjust in Singapore but also in the region.”
