SingPost FY11 net profit down 2.4%

The company's earnings shrunk to S$161.0mln despite a 7.7% rise in revenue to S$565.5mln.

In a statement, Phillip Securities Research said the results were 0.8% and 3% shy of its estimates, respectively.

Investors are expected to receive the recommended final dividend of 2.5 S cents per share, bringing the full year dividend to 6.25 S cents.

The mail and logistics segments registered better performances in 4QFY11, with the former growing 4.3% YoY and the latter by 11.6%.

Domestic mail traffic increased on the back of a buoyant business environment, while international mail traffic rose in tandem with the growth in e-commerce activities.

Higher logistics revenue was mainly due to higher contributions from Speedpost, transshipment and vPOST shipping activities.

As part of its future plans, SingPost is reportedly planning to grow its regional logistics, e-fulfilment, and e- commerce businesses.

If executed well, this should resul t in higher margins compared to a company wi th pure logistics operations," Phillip Securities Research said.

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