SINGAPORE (Aug 3): Singapore Post (SingPost) reported 1Q FY18/19 earnings of $18.7 million, down 40.4% from $31.4 million a year ago due to an exceptional fair value loss on warrants from an associated company as well as higher tax expenses.
Revenue for the quarter grew 3.3% to $372.3 million from the restated 1Q FY17/18 revenue of $360.5 million, driven mainly by a 67.1 % increase in operating profit under the Property segment due to rental income from the SingPost Centre retail mall as committed occupancy improved.
While revenue from international mail and last-mile deliveries grew on higher e-commerce contributions, the segment’s margins were lower and resulted in a decline in Post and Parcel operating profit.
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