SINGAPORE Post (SingPost) net profit for the fiscal year ending March 31 increased 57.9 per cent year on year to S$248.9 million (US$181.45 million), drawn on revenues of S$1.15 billion, which rose 25.2 per cent.
The mail carrier and budding third-party logistics provider profit and revenues soared, largely because of a one-time divestment gain. This was the first time sales broke the billion dollar barrier.
Excluding the one-off item, underlying net profit slipped 4.1 per cent year on year to S$153.6 million.
SingPost purchased two US e-commerce logistics solutions providers in October, acquiring a 96.3 per cent share in TradeGlobal Holdings Inc for US$168.6 million and a 71.1 per cent share in Tampa-based Jagged Peak Inc for US$15.8 million.
The company said at the time the acquisitions would complement SingPost's existing service network to create a "one-stop global solution" for customers.
E-commerce related revenues increased 60.4 per cent year on year to S$412.4 million for the fiscal 2015/16 year, representing 35.8 per cent of group revenues.
SingPost said e-commerce revenue growth was aided by increased traffic volumes and activities, including mergers and acquisitions.
In the company's logistics unit, operating profit increased 75 per cent for the fiscal year on revenues that grew 34.7 per cent to S$626 million.
Source : HKSG.