SingPost's only bright spot, if any, was its property segment where better occupancy rate at SingPost Centre helped hold operating profit for the year at $45.2 million, up 0.5% y-o-y.
Ada Lim of OCBC Group Research has kept her "hold" call and fair value of 40 cents on Singapore Post, following lower FY2026 numbers which suggest that the company's turnaround towards commercial sustainability will take time to work out.
For the year ended March 31, SingPost's revenue dropped 23.1% y-o-y to $376.1 million while operating profit was down 68.9% to $11.8 million, no thanks to lower logistics and letters volume, which on its own incurred an operating loss of $6.1 million. In contrast, the company managed to generate a sharp swing from operating profit of $35.8 million in the year earlier for this segment.
