SingPost profit down 9.5% to $28.47m in Q2

The e-commerce segment declined marginally by 1.2%.

Singapore Post profit decreased 9.5% YoY to $28.47m in Q2 FY17/18 due to a one-off gain from the dilution of interest in an associated company.

Despite the decline in net profit, revenue grew by 10.2% YoY to $354.69m in Q2 as the postal and logistics segments posted strong growth, according to a press release.

Postal revenue increased 16.9% YoY to $148.35m due to higher cross-border e-commerce deliveries while logistics revenue increased 7.6% YoY to $165.91m due to higher contributions from SP Parcels, Couriers Please and Famous Holdings.

The e-commerce segment declined marginally by 1.2% YoY as revenue from e-commerce provider TradeGlobal declined due to loss of two large customers. This was partially offset by revenue growth from Jagged Peak.

“Our transformation into a leader in postal and eCommerce logistics is moving ahead. The full benefits of our transformation may not be immediate, however we are investing for the long term,” said CEO Paul Coutts.