SingPost's full-year net profit jumps 57.9% to $248.9m

On back of hefty divestment gains.

SingPost's net profit rose 57.9% to $248.9m for the financial year which ended on March 31, boosted by massive one-off gains from the sale of subsidiaries, associates and an investment.

Excluding the divestment gains, which totalled to $112.1 million, SingPost's full-year net profit declined by 4.1%. This was due largely to the reduction in rental income as the
Singapore Post Centre (SPC) is being redeveloped, and higher finance expense.

For the fourth quarter, the group's net profit surged 196.4% year-on-year to $35.6 million. Excluding one-off items, Q4 net profit declined by 20.1%.

SingPost declared a final dividend of 2.5 cents for the full year. with interim dividend payments of 1.5 cents per share for each of the first three quarters, the annual dividend in
respect of the current financial year would amount to 7 cents per share