152 views
Photo from SingPost's website

SingPost’s group revenue rises 2.4% QoQ to $495.1m in Q3

The company attributed the increase to the growth in its logistics revenue.

Singapore Post recorded higher group revenue of $495.1m in Q3 FY22/23, its unaudited business update showed.

The group revenue increased by 2.4% and 13.4% compared to Q2 FY22/23 and Q3 FY21/22, respectively.

In a bourse filing, SingPost attributed the increase to the growth in its logistics revenue.

The revenue growth in the logistics segment also offset the decline in Post and Parcel contribution, according to Singpost.

“The increase in Logistics revenue was mainly due to 4PL operator Freight Management Holdings (“FMH”) in Australia. FMH continued to perform well, driven by business growth and inorganic contributions. Momentum in FMH’s B2B business remains strong, with increasing volumes from customers and acquisition of new customers,” SingPost reported.

“This helped to offset the impact of the eCommerce pullback in CouriersPlease’s B2C last-mile delivery business. The freight forwarding business, Famous Holdings, recorded lower revenue in Q3 in tandem with the decline in sea freight rates,” the company added.

Meanwhile, SingPost also reported a 15.3% YoY higher group operating expenses and a 10.3% YoY improvement in its operating profit in Q3.
 

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!