However, its operating profit was down 23.8% y-o-y to $21.1 million, attributed to higher costs.
Cash and equivalents, as at Dec 31, 2024, was $391.5 million, down 17.9% from March 2024, as the company incurred interest payments, repayment of lease liabilities and so on.
In its 3QFY2025 business update, SingPost says that overall delivery volumes in the Singapore postal and logistics business grew by 3.4%, as letter mail volume growth offset lower ecommerce volumes due to service performance issues.
However, revenue was down y-o-y due to lower revenues from logistics, financial and other services.
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The lower revenue, together with the high cost of operating the post office network, resulted in an operating loss in the Singapore postal and logistics business.
On Feb 19, CNA reported that the company is retrenching 45 employees as part of a restructuring move.
The company is poised to call for an EGM to get shareholders' nod to approve the sale of its key Australia unit for an enterprise value of A$1 billion.
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Analysts have flagged that shareholders can look forward to special dividends from proceeds from the divestment.
SingPost shares closed at 56 cents on Feb 19, down 0.88% for the day but up 33.33% in the past year.
