'Singapore Post' net profits increase

SINGAPORE: Newly-listed Singapore Post said it managed to post a modest increase in annual net profit despite a difficult environment which hit revenue but it should be able to maintain this performance provided there are no new major shocks beyond Severe Acute Respiratory Syndrome (SARS).

The company said that for the year to March, net profit rose 7.2 percent to S$108.7 million (US$62.83 million) from S$101.3 million, while operating revenue fell 2.1 percent to S$373 million.

"Despite operating in a difficult environment, SingPost has managed to increase its net profit," said chief executive William Tan.

"We have taken stringent cost control measures to reduce our operating expenses and further enhance efficiency," he said.

SingPost made its debut on the local stock exchange last week in the biggest listing of the year so far in terms of proceeds raised. --AFP