Domestic parcel volumes expanded 23.8 percent alongside postage adjustments, which narrowed the logistics and letters segment operating loss to S$2.5 million despite a 15.6 percent decline in local letter delivery. Meanwhile, the group's property segment generated an operating profit of S$22.6 million, lifted by full occupancy and a 7 percent blended rental rate reversion at SingPost Centre. The board declared an interim dividend of 0.15 Singapore cents per share while planning an asset refresh for the SingPost Centre retail mall.
Key points
Strong domestic parcel delivery and operational adjustments are successfully offsetting c…: Strong domestic parcel delivery and operational adjustments are successfully offsetting continuous reductions in traditional postal volume.
Management is optimizing its retail presence by setting a target of 30 branches and 50 se…: Management is optimizing its retail presence by setting a target of 30 branches and 50 self-service lobbies by March 2027.
Sustained cross-border headwinds and declines in letter mail remain persistent challenges…: Sustained cross-border headwinds and declines in letter mail remain persistent challenges despite an interim dividend of 0.15 Singapore cents.
Sources checked by our analysis pipeline: 1
The company attributed the increase mainly to one-off gains from the sale and leaseback of 10 Housing and Development Board post office shophouses.
SINGAPORE: Singapore Post's (SingPost) net profit for the first half of its financial year rose by 183.7 per cent year-on-year to S$55.9 million (US$43.7 million), the national postal company said on Friday (Nov 6).
The increase was largely driven by one-off exceptional gains from the sale and leaseback of 10 Housing and Development Board (HDB) post office shophouses, SingPost said in its results announcement for the six months ended Sep 30.
Revenue fell 1.3 per cent to S$185.9 million year-on-year, largely due to lower international revenues.
Although cross-border parcel volume rose 9.1 per cent, SingPost said overall international logistics revenue fell 28.6 per cent due to structural declines in cross-border letter mail.
Meanwhile, domestic postage adjustments and a 23.8 per cent rise in domestic parcel deliveries partially offset the impact of lower letter mail volumes.
Excluding exceptional items, SingPost's underlying net profit rose by 107.5 per cent year-on-year to S$11.5 million.
"This was underpinned by operational optimisation,…
Commonwealth Travel Service Corporation issued a public advisory on Wednesday following reports of unauthorized online advertisements misusing its branding. Bad actors are actively marketing non-existent travel packages specifically aimed at older demographics to solicit personal information. The agency is urging travelers to exercise caution and avoid engaging with unverified third-party promotional material.
A four-player Indian Premier League exchange between Chennai Super Kings and Sunrisers Hyderabad has drawn sharp criticism from former India opener Kris Srikkanth. He questioned Chennai's decision-making, arguing that Sunrisers secured superior assets while Chennai acquired an injury-prone bowler and created overseas selection dilemmas. This high-profile swap highlights emerging strategic concerns for Chennai as they balance lineup limitations ahead of the upcoming auction.
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