SingPost shares fall on as­set re­view

New Straits Times - - Business -

SIN­GA­PORE: Shares in Sin­ga­pore Post fell as much as six per cent yes­ter­day to their low­est in more than a year af­ter the firm said it was con­duct­ing an in-depth re­view of an ac­qui­si­tion of a United States e-com­merce firm for which it took a sig­nif­i­cant im­pair­ment charge. SingPost re­ported an 87 per cent plunge in net profit for the year ended March af­ter it took an im­pair­ment charge of S$185 mil­lion (RM571.65 mil­lion) for TradeGlobal, nearly 80 per cent of the S$236 mil­lion it agreed to pay for ac­qui­si­tion.

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