SingPost reports S$245 million net profit following sale of Australia business

SINGAPORE: Singapore Post reported a full-year net profit of S$245.1 million, more than double last year, mainly due to a S$222.2 million exceptional gain from divesting its Australia business. However, its underlying net profit fell over 40% to S$24.8 million, reflecting challenging conditions in the global logistics sector, with a revenue decrease of 7.5% to S$813.7 million. The company plans to allocate proceeds from the sale towards debt reduction and has recommended a S$202.5 million special dividend, subject to shareholder approval.