SingPost remains cautiously optimistic
Singapore Post (SingPost) has announced its unaudited results for the third quarter ending 31 December 2009. Healthy Q3 results have been attributed to the improving economy, Government relief measures and the consolidation of Quantium.
SingPost’s Group revenue grew 12.7 percent in the third quarter, boosted by the inclusion of revenue from Quantium Solutions (formerly known as G3 Worldwide Aspac group of companies). Group revenue would have registered a marginal decline of 0.6 percent without the consolidation of Quantium, on a comparable basis with the same quarter last year when Quantium was a joint venture.
Mail revenue declined by 1.2 percent as a result of lower domestic mail and philatelic contributions. Logistics revenue, which includes revenue from Quantium, grew 166 percent. Without the consolidation of revenue from Quantium Solutions, Logistics revenue showed a decline compared to the same quarter of last year.
In the retail sector, revenue improved by 4.1 percent on the back of higher contributions from financial services. Higher rentals from Singapore Post Centre and the leasing of space at the repurposed post office buildings contributed to a 22.2 percent increase in rental and property-related income.
Ng Hin Lee, deputy group chief executive officer of SingPost, said: “In tandem with the turnaround in the economy and with the benefits of the government’s relief measures, we have seen some recovery in the operating performance of the business. This, coupled with the consolidation of our regional outfit, Quantium Solutions, enabled us to achieve a healthy set of results.”
He continued: “We are cautiously optimistic about the business outlook, given the modest recovery expected in the global economy. However, SingPost continues to face various challenges including e-substitution, margin pressures and increased competition. It is imperative that we continue to be disciplined in reviewing our operations to improve efficiency and productivity even as we stay vigilant on costs. On the revenue-front, we will focus on optimising our resources such as our retail network, to achieve better yields.”
The Group maintains its focus on expanding Quantium Solutions’ business beyond cross-border mail and extending its core competencies in Asia Pacific. It also remains alert to new growth opportunities and will explore acquisition opportunities as and when they arise.
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