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SingPost's net profit falls 13.6% to $30.97m
It cracked under intense logistics competition pressure.
Singapore Post felt the heat from the increasing competition in the logistics segment especially in the past quarter, contributing to the 13.6% decline in its net profit.
According to the group, this came as its headline rose 6.2% to $354.1m.
It noted that the slump in net profit was also due to the lower domestic mail volumes and costs from planned investments.
Meanwhile, its total expenses increased 11.1% to $330m, on higher volume-related expenses, which reflect the group’s changing business mix.
SingPost CEO Paul Coutts said their transformation into a leader in postal and eCommerce logistics is in progress to secure new revenues for the group.
"The investments we have made will take a number of years to contribute to profitability, but are necessary as our core domestic mail business faces structural decline," he said.
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