SingPost net profit drops 70.3% in 2023

Its profit stood at S$24.6m in the financial year ended 31 March. 

Singapore Post Limited (SingPost) reported its net profit attributable to equity holders declined by 70.3% to S$24.6m in the year ended 31 March. 

This is down from S$83.11m in the same period in 2022. SingPost noted this was weighed down by losses in Post and Parcel business. 

Read more: SingPost’s group revenue rises 2.4% QoQ to $495.1m in Q3

Over the same period, SingPost recorded a 12.4% revenue growth to S$1.87b, driven by growth in Australia offsetting losses in its Post and Parcel business as well as freight forwarding business. 

Its logistics business saw a 32.4% revenue growth to S$1.32b, whilst its property and inter-segment eliminations business recorded a 23.1% and 14.8% revenue declines, respectively.