- SingPost posted weaker 3QFY24 revenue (-8.0% y-o-y) and operating profit (-18.2% y-o-y), dragged by a strong Singapore dollar and lower freight forwarding revenue.
- The DPP segment has returned to profitability while the IPP segment has a new revenue growth driver. The logistics segment saw flattish revenue growth y-o-y due to unfavourable forex movements while the property segment remained stable.
- - Read this at SGinvestors.io -
Weak quarter below expectations.
- Singapore Post (SingPost, SGX:S08) saw a lower overall group revenue (-8.0% y-o-y) of S$455.4m and group operating profit of S$27.7m (-18.2% y-o-y) in 3QFY24. For 9MFY24, both revenue (-11.8% y-o-y) and operating profit (-21.4% y-o-y) were lower y-o-y and each formed 72% of our full-year forecasts, slightly below our expectations.
- - Read this at SGinvestors.io -
- Also, as about 86% of SingPost’s revenue is generated internationally, a strong Singapore dollar impacted SingPost in 3QFY24. On a constant currency basis, SingPost’s operating profit would have dropped only 3.9% y-o-y.
Underlying performance remains robust.
- Read more at SGinvestors.io.
