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.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia