SingPost Q4 profit down 51.6% at S$38.5m

Singapore

SINGAPORE Post (SingPost) on Tuesday posted a 51.6 per cent fall in net profit from S$79.6 million a year ago to S$38.5 million for its fourth quarter ended March 31, 2015.

The decrease was due to SingPost changing its accounting policy for investment properties from the cost model to the fair value model to improve transparency of its asset value, starting from Q4. Net profit now includes fair value reporting of investment properties; fair value gains for the quarter fell from S$44.5 million a year ago to S$5.2 million.