3QFY2021 group operating profit surged 46% y-o-y to $38 million mainly due to higher profit from FMH, domestic post and parcel (DPP) and from the consolidation of FMH.
In Singapore, SingPost saw DPP e-commerce logistics volume increase 50% y-o-y to 15.5 million items due to higher e-commerce activity as well as the nationwide distribution of ART kits and mouth gargles.
During the same period, DPP letters & printed papers fell 9% y-o-y to 108 million items due to electronic substitution, but stood 8% higher q-o-q due to the year-end seasonal peak.
SingPost’s IPP volume fell 21% y-o-y to 4.8 million kg no thanks to the ongoing disruption to international air freight out of Changi Airport due to the Covid-19 pandemic.
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The freight forwarding business under Famous Holdings continued its strong performance, benefitting from higher volume and sea freight rates caused by global supply chain disruptions.
Consignment volume in Australia rose 7% y-o-y to 7.8 million mainly due to the addition of FMH’s volume for December 2021.
As at end-December, cash and cash equivalents stood at $466 million.
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Shares in SingPost closed at 62.5 cents on Feb 24.
Photo: The Edge Singapore
