Revenue for the quarter increased 3.3 per cent to S$372.6 million, as international mail and last-mile deliveries grew, driven by eCommerce, and property rental income rose.
Net profit attributable to equity holders declined 40.4 per cent to S$18.7 million, due mainly to an exceptional fair value loss on warrants from an associated company, reflecting changes in the market value of the financial instrument, and higher tax. Excluding one-off items, operating profit rose 1.2 per cent to S$39.2 million. Underlying net profit was down 9.8 per cent to S$24.7 million, as the improved operating profit before exceptional items was offset by lower contributions from associates investing for growth and increased tax.
SingPost reports first quarter net profit of S$18.7 million
• Net profit impacted by exceptional items arising from changes to fair value of associated company warrants, and higher tax
• For the first quarter ended 30 June 2018, revenue increased 3.3 per cent to S$372.6 million on growth in international mail and last-mile deliveries, driven by eCommerce, as well as rental income
• Interim dividend of 0.5 cent per share declared
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