- SingPost (SGX:S08)’s 2HFY23 revenue fell 2.2% y-o-y to S$913.4m, dragged by the Post & Parce (-12.5% y-o-y) and Properties (-31.9% y-o-y) segments, partly offset by better performance from Logistics (+3.6% y-o-y). PATMI and underlying net profit declined 28.0% and 58.2% y-o-y to S$34.6m and S$18.3m, respectively.
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Domestic Post & Parcel (PP) business remained challenging
- The Post & Parcel (PP) segment was in a loss in 2HFY23 (Oct 2022 to Mar 2023), though the operating loss narrowed half-on-half by S$15.9m to - S$3.8m in 2HFY23 due to continued improvement in the international Post & Parce business.
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- Domestic Post & Parce business continued to decline with revenue falling 6.8% y-o-y on the back of lower eCommerce volumes, insourcing by major customer and continued letter mail decline.
Logistics formed 70% and 91% of SPOST’s full year revenue and operating profit
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