The bulk of the gain came from the fair value gain of SingPost Centre, which managed to fetch higher rental rates even with slightly lower occupancy. In contrast, SingPost had booked a fair value loss of $7.7 million in FY2023.
Singapore Post (SingPost) is making progress in its transformation into a regional logistics enterprise. Group CFO Vincent Yik says SingPost achieved a “good set” of results in a “pretty challenging” business environment when economies are slowing and inflationary pressures are staying high amid geopolitical uncertainties.
In FY2024 ended March 31, SingPost’s earnings surged 217.4% y-o-y to $78.3 million, mainly due to the exceptional gain of $36.8 million on property revaluation.
