Snail's pace: SingPost's profit down 3.5% to S$39.2m

Revenue was up but so were total expenses which jumped 6% to S$109.3m.

The company said group revenue for the first quarter of FY 2011/12 grew 3% to S$142.3m. Revenue from Mail increased 1.6% to S$97.2m, on higher contributions from domestic mail particularly in government and business mail and as well as direct mail.

Meanwhile Logistics revenue grew 10.7% to S$51.2m on the back of better performances in Quantium Solutions, Speedpost and vPOST shipping activities. Retail revenue increased 1.5% to S$16.6 million due to higher retail product contributions offsetting the decline in financial services revenue following the sale of the SpeedCash business in March 2011.

The Board of Directors has declared an interim quarterly dividend of 1.25 cents per ordinary share (tax exempt one-tier) payable on 31 August 2011.