SingPost tumbles 3.6% after announcing H1 profit drop

Shares of Singapore Post (SingPost) fell by as much as 3.6 per cent or S$0.015 to S$0.405 after the company announced its financial results for its first half year ended Sep 30.

It hit the low shortly after the market opened at 9.02am on Monday (Nov 10). This decline came on the news, announced before market open, of SingPost’s 12.8 per cent drop in net profit to S$19.7 million for its first half year ended Sep 30, from S$22.6 million in the previous corresponding period.

The company’s revenue for H1 for the continuing operations of logistics and letters, the post office network and property assetsfell 27.4 per cent to S$188.4 million, from S$259.6 million a year earlier.

An interim dividend of S$0.0008 per share was declared for the half year, downfrom S$0.0034 per share the year before. The dividend will be paid on Dec 5 this year, after books closure on Nov 25.