SingPost H1 profit up 183.7% at $55.9 million on sale and leaseback of HDB shophouses
Revenue slipped 1.3% to $185.9 million, mainly due to declining international mail volumes.
Singapore Post reported a staggering 183.7% increase in net profit to $55.9 million for H1 2026, driven by exceptional gains from property sales and leasebacks. Revenue, however, fell by 1.3% to $185.9 million, due to lower international revenue. Underlying net profit more than doubled to $11.5 million, aided by improved performance and a tax provision write-back.
Shares rose 1.8% to $0.29 following the strong results. The company aims to reduce its post office network to 30 branches and 50 self-service lobbies by March 2027, while refreshing the SingPost Centre retail mall.
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