Singapore Post has announced strong growth in profits and revenues for the first quarter ending 30June 2007, following formal de-regulation of the state’s mail services.
The group posted 10% growth in revenue to S$115.5 million (EUR 55.7 million), with mailrevenues up 10.9%. Logistics revenue was up 3.8% to S$16.1 million on increased Speedpost trafficand vPOST on-line shopping transactions.
In the quarter, SingPost achieved a 15.3% rise in operating profit to S$45.5 million (EUR21.9 million), with mail profit up 14.3% to S$37.2 million and logistics profit up by 7.6% to S$2.1million.
The Group’s net profit increased 24% to S$38.4 million, including a one-off gain on the saleof the US business by the Spring JV. The underlying net profit improved 14.9% to S$34.9 million.
CEO Lau Boon Tuan commented: “In the first quarter, the Group continued to pursue variousinitiatives to maintain our growth momentum, while keeping a vigilant eye on costs. Theseinitiatives included enlarging our presence in the region, for example, in the area of hybrid mailservices.”
He added: “The group has positioned itself to address the challenges of liberalisation of thebasic mail services market and will continue to focus on driving growth. We will grow and enhanceour core business, leverage our network and extend our reach into the region to tap the growingmarkets.”
