Singapore post group eyes expansion of logistics operations
SingPost diversification gets a boost from good start by logistics subsidiary
SingPost will continue to expand its logistics capabilities in North Asia, as part of its revenue diversification programme.
The Singapore, mail, express and logistics group’s revenue for the first quarter of its 2010-11 financial year, which ended on 30 June, increased 13.5% year on year, to S$138.2 million (US$101m), while net profit grew 3.2% year-on-year to S$40.7 million.
Logistics revenue recorded a 34.4% surge to S$46.3 million as SingPost subsidiary Quantium Solutions, an international provider of freight and mail services launched in November, was included in full quarterly figures for the first time.
“In spite of the challenging landscape, we have managed to grow our business in the first quarter,” said Ng Hin Lee, Deputy Group CEO. “We are seeing an increase in business activity thanks to a recovering economy.”
“As we continue with our transformation to remain globally relevant, we will focus our efforts on diversification and growth.
“Our objective is to build a more balanced revenue and earnings portfolio by growing non-mail contributions and driving regional growth.”
“We will continue to push for regional growth through Quantium Solutions, especially in the area of e-commerce logistics, against the backdrop of rapid internet growth in North Asia.
“Concurrently, we are expanding our in-country distribution networks in the region, especially in the India market.”
The Singapore, mail, express and logistics group’s revenue for the first quarter of its 2010-11 financial year, which ended on 30 June, increased 13.5% year on year, to S$138.2 million (US$101m), while net profit grew 3.2% year-on-year to S$40.7 million.
Logistics revenue recorded a 34.4% surge to S$46.3 million as SingPost subsidiary Quantium Solutions, an international provider of freight and mail services launched in November, was included in full quarterly figures for the first time.
“In spite of the challenging landscape, we have managed to grow our business in the first quarter,” said Ng Hin Lee, Deputy Group CEO. “We are seeing an increase in business activity thanks to a recovering economy.”
“As we continue with our transformation to remain globally relevant, we will focus our efforts on diversification and growth.
“Our objective is to build a more balanced revenue and earnings portfolio by growing non-mail contributions and driving regional growth.”
“We will continue to push for regional growth through Quantium Solutions, especially in the area of e-commerce logistics, against the backdrop of rapid internet growth in North Asia.
“Concurrently, we are expanding our in-country distribution networks in the region, especially in the India market.”
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