SingPost's first-half net profit rises 183.7% to S$55.9 million on HDB shophouse sale and leaseback
Excluding one-off gains, SingPost's underlying net profit more than doubled to S$11.5 million, despite a decline in revenue.
Singapore Post's (SingPost) first-half net profit surged 183.7% to S$55.9 million, driven by the sale and leaseback of 10 Housing and Development Board (HDB) post office shophouses. Revenue declined 1.3% to S$185.9 million, primarily due to lower international revenues. Despite a 9.1% rise in cross-border parcel volume, global logistics revenue dropped 28.6% due to a decline in cross-border letter mail.
Excluding one-off gains, the company's underlying net profit jumped 107.5% to S$11.5 million, benefiting from cost optimization and stronger domestic parcel deliveries. CEO Mark Chong acknowledged the challenging environment but emphasized the importance of disciplined cost management and operational discipline.
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- SingPost's first-half net profit rises 183.7% to S$55.9 million on HDB shophouse sale and leaseback channelnewsasia.com
- SingPost H1 profit up 183.7% at S$55.9 million on sale and leaseback of HDB shophouses businesstimes.com.sg
- SingPost H1 profit up 183.7% at $55.9 million on sale and leaseback of HDB shophouses straitstimes.com
