SingPost Records High Q1 revenue of $360 Million Due to Increasing E-Commerce Deliveries
Singapore’s current economy might be in bad shape in most of the list but one company manage to record a higher revenue since the outbreak of Covid-19. SingPost released their business update on SGX which stated a high profit of $360 million in Q1. This increase of 12 percent was due to the delivery volumes in international post and parcel and as well as Couriers Please and Quantium Solutions subsidies.
However, because of Covid-19, SingPost recorded higher expenses where the Group expenses for Q1 FY2020 was recorded at S$341 million, as compared to S$280 million in Q1 FY2019. This means that SingPost actually recorded a lower group profit in Q1 FY2020, at S$22 million, as compared to S$42 million in QI FY2019, a decrease of 49 percent.
The higher expenses came about because of health and safety arrangements for Covid-19, such as temporary housing for Malaysian employees.
image source, source, SingPost Facebook
