- 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
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- 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.
