SingPost says net profit for the first quarter of FY 2010/11 grew 3.2% to $40.7 million. Excluding one-off items, such as benefits from the Jobs Credit Scheme and amortisation of deferred gain on intellectual property rights, underlying net profit rose 1% to $37.3 million.

The group’s revenue for the first quarter of FY 2010/11 increased 13.5% to $138.2 million. Growth was led by improved performance in the Mail and Logistics segments as well as the consolidation of Quantium Solutions for the full quarter compared to two months in the same quarter last year.

Mail revenue increased 11.4% to $95.7 million, on higher domestic and international mail traffic. Logistics revenue recorded a 34.4% jump to $46.3 million mainly attributable to the inclusion of Quantium Solutions and growth in transshipments and vPOST shipping. Retail revenue dipped 1.2% to $16.3 million as lower contributions from agency and retail products offset the growth in financial services.

Rental and property-related income recorded a growth of 1.6% to $10.1 million. Miscellaneous income rose to $4.2 million from the amortisation of deferred gain on intellectual property rights related to the collaboration with Postea, Inc, as well as trade- related foreign exchange gains.