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.
Singapore Post (SingPost) has reported group revenue of $437 million in the 3QFY2021 ended December, up 24% y-o-y. This was driven mainly by Famous Holdings (FMH), growth in e-commerce logistics and the consolidation of FMH. The higher revenue was partly offset by lower international post and parcel (IPP) revenue, says the group in its 3Q business update on Feb 25.
During the quarter, group operating expenses increased 23% y-o-y to $400 million from volume-related expenses on the back of higher volume in freight forwarding and e-commerce logistics.
