Singapore Post Q3 net profit decreases

Singapore Post Limited, a provider of mail, logistics and retail solutions, has reported that net profit for the third quarter ended December 31, 2012 was SGD39.5 million, or 1.89 cents per share, compared to SGD41.6 million, or 2.2 cents per share, for the same quarter ended December 31, 2011.

Revenue for the third quarter ended December 31, 2012 was SGD171 million, compared to SGD149.4 million for the same quarter ended December 31, 2011.

Net profit for the nine months ended December 31, 2012 was SGD110.4 million, or 5.25 cents per share, compared to SGD111.4 million, or 5.85 cents per share, for the same period ended December 31, 2011.

Revenue for the nine months ended December 31, 2012 was SGD476.3 million, compared to SGD432.6 million for the same period ended December 31, 2011.

Wolfgang Baier, Group CEO of SingPost said, "Our topline growth in Q3 was driven by e-commerce activities across all business segments as well as contributions from Novation Solutions, which we acquired in May 2012. While we are seeing encouraging results from our transformation efforts especially from new business areas, our traditional mail business continues to be under pressure, particularly domestic mail volume which saw its 5th consecutive quarter decline."