Singapore Post (SingPost) has reported earnings before interest and tax (EBIT) of $21 million for the 1QFY2021/2022 ended June, edging 2% downwards from the corresponding quarter the previous year.

The lower EBIT follows a similar decline in group revenue, which was 2% lower y-o-y at $353 million for the quarter. The lower revenue was mainly due to the decline in the International Post and Parcel business, though this was partly offset by higher eCommerce logistics revenue in Singapore & Australia, which12% y-o-y to $73 million.

In addition, higher Famous Holdings revenue due to volume growth, as well as higher revenue from the Property segment mainly due to the absence of rental rebates provided to eligible tenants last year also helped offset the decline in group revenue.

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