Singapore Post

Singapore Post: 4Q13 earnings declined 14.6% y/y to $26.1m, bringing its full-year earnings for 2013 down by 3.9% to $136.5m. The decline was caused by the inclusion of a write-off of intangible asset in 4Q13. Excluding the write-off, group recorded an 18.7% growth in earnings to $31.8m. Revenue growth was strong for 4Q13, an increase of 25% to $182.5m, mainly due to its inorganic growth strategy which saw additional contributions from new subsidiaries which included General Storage Company and Famous Holdings. 4Q13 expenses increased 32.4% to $163.8m, broadly inline with its revenue increase, as well as a 15.5% increase in inflationary cost to $54.9m, which the group has been trying to mitigate. Group proposed a final dividend of 2.5¢ per share, bringing FY13 dividends to a total of 6.25¢- implied FY13 dividend of 5.2%.