- Singapore Post (SingPost, SGX:S08) provided a business update for 3QFY24 – Group revenue and operating profit were down 8% and 18.2% y-o-y to S$455.4m and S$27.7m, respectively. This represents an operating margin of 6.1%, which is lower than 3QFY23’s 6.8% as operating expenses fell by a narrower 6.7%.
All businesses posted positive operating profit in 3QFY24
- - Read this at SGinvestors.io -
- 3Q is typically a seasonal peak for SingPost, and all businesses posted positive operating profit during the quarter. 9MFY24 group revenue came in at 73% of our full year forecast.
Domestic Post & Parcel (DPP) segment was profitable in 3QFY24
- - Read this at SGinvestors.io -
- Although the profitability of the delivery business has improved significantly, the post office network remains unprofitable, as management continues to review and rationalise this.
Profitability of the International Post & Parcel (IPP) segment has improved
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2024-02-13
Read also OCBC's most recent report:
2024-03-20 Singapore Post - Hit The Road; Reset For Growth.
Price targets by 3 other brokers at SingPost Target Prices.
Listing of research reports at SingPost Analyst Reports.
Relevant links:
SingPost Share Price History,
SingPost Announcements,
SingPost Dividends & Corporate Actions,
SingPost News Articles
