SingPost's postage rate hike partially offsets lower hybrid mail contributions

Mail operating profit fell 10.1%.

A report by CIMB reveals that SingPost's mail revenue slipped to $116.5m on lower hybrid mail contributions, reflecting a dip of 6.9% QoQ and 5.6% YoY.

“Excluding hybrid mail, overall revenue for the mail segment would have fallen 3.4% QoQ and risen 1.1% YoY, partially helped by the postage rate hike,” said the report.

Excluding one-off gains from the sale of Novation Solutions for $8.4m in the first quarter and of Datapost for $24.9m in the second quarter, mail operating profit reflected a 10.1% QoQ dip but a growth of 2.5% YoY.