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The
company, whose biggest shareholders are Singapore
Telecommunications and Alibaba Group Holding, has a history
dating back to 1819 but is now racing to find a new future in
e-commerce as global mail volumes fall.
E-commerce related-revenue, which includes building online
stores for its clients and shipping their parcels and packages,
accounted for 29 percent of SingPost revenue for the first half
of this year, compared with 26.9 percent a year ago.
However, one-off gains were the biggest factor in the profit
leap to S$53.4 million ($38 million) in the three months to
Sept. 30, from S$38.6 million a year earlier. Underlying net
profit excluding one-off items fell by 4.8 percent.
The company announced last month that it would buy United
States-based TradeGlobal for $168.6 million, following its deal
to buy a majority stake in Jagged Peak, another U.S. e-commerce
services provider.
SingPost shares have fallen 1.2 percent over the past year,
against an 11.6 percent fall for the benchmark index.
(Reporting By Aradhana Aravindan; Editing by David Goodman)
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