SingPost Returns to Profitability with Cost Controls and International Expansion
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SingPost reports net profit of
S$11.5M for H1 FY23 vs net loss of S$9.9M a year ago.
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Revenue
fell 13.7% YoY due to normalization of sea freight rates and forex impact.
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International cross-border e-commerce drives earnings, with emphasis on HK-Australia & Europe-Asia trade lanes.
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Domestic postal losses persist, but SingPost raises postage rates, negotiates model changes with authorities.
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Logistics profit
falls 19.2%, offset by improved property segment.
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Operating profit
down 24%, interim dividend unchanged at S$0.0018/share.
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The dividends will be paid on Nov 30, after books closure on Nov 17.
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SingPost’s shares closed
flat at S$0.45 on Wednesday.
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