SingPost's net profit tumbled 51.6% to $38.5m in Q4

Due to restated fair value gains.

Singapore Post reported that its net profit tumbled 51.6% to $38.5m in the fourth quarter of FY15.

The decline was caused by a re-statement of fair value gains in its 4QFY14 results. SingPost reported fair value gains of $44.5m in the same quarter last year, compared to just $5.2m in 4QFY15.

The group's underlying net profit, or earnings from its business operations, grew 5.2% to $157.2m.

SingPost's full-year net profit fell 17.9% to $157.6m. The group reported a full-year earnings per share (EPS) of 6.849 cents, down from 9.321 cents in FY14.

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