Sunday, 5 May 2013

Singpost full year earning drops

Singapore Post on Monday posted a 14.6 per cent year-on-year drop in net profit attributable to equity holders to S$26.1 million for its fourth quarter ended March 31, 2013.
This was despite a 25 per cent increase in revenue to S$182.5 million from a year ago. The boost resulted from the consolidation of newly acquired subsidiaries as well as contributions from e-commerce related activities across all business segments. Its new units included General Storage Company from February 2013 and Famous Holdings in March 2013.
However, operating profit still fell due to higher corporate costs for the group's transformation, higher property-related expenses and a one-off write-off of an intangible asset.
Excluding one-off items, namely the write-off of intangible asset, SingPost recorded an 18.7 per cent growth in underlying net profit from S$26.8 million to S$31.8 million for the quarter.

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