Post and parcel revenue increased by 15% y-o-y to $215 million, but operating profit was down 62% y-o-y t $14 million.
SingPost has reported higher revenue for 1QFY20/21 because a bigger volume of parcels handled. However, it had to bear higher conveyancing and freight costs because of the “massive disruption” to international air freight in and out of Singapore and its operating earnings have been hit as a result.
For the three months to June 30 2020, SingPost reported revenue of $360 million, up 12% y-o-y. However, its operating profit halved to $22 million in the same period, said the company in its first-quarter business update.
