The Postman fails to deliver profit rise

SingPost profit fell by 2.2% to S$36.6m.

In a release, SingPost Group revenue grew 6.5% to S$151.6 million in the first quarter of FY2012/13, driven by improved performances by the business segments. Growth in revenue outside of domestic mail was able to offset the decline in domestic mail contributions. 

Here's more from SingPost:

Mail revenue increased 3.7% to S$100.9 million as growth in international mail and first time consolidation of Novation Solutions offset the decline in domestic mail contributions. Logistics revenue continued to grow with the Group’s e-fulfilment focus in Singapore and the region. Revenue was up 11.5% to S$57.1 million, on the back of higher contributions from e-fulfilment activities in Quantium Solutions and Speedpost.

In Retail, revenue increased 12.4% to S$18.6 million with continued growth in financial services and online store Clout Shoppe. Rental and property-related income declined by 3.1% to S$10.3 million with lower rental income. Total expenses for the Group amounted to S$118.9 million, an increase of 8.8%. The Group’s net profit declined 2.9% to S$38.1 million in the first quarter, as it continued to invest in resources for future growth and came under the pressure of the declining high-margin domestic mail business. Excluding one-off items, underlying net profit was S$36.6 million, a decrease of 2.2% from the same quarter last year.