SingPost’s revenues up, but profits down
Singapore Post (SingPost) has reported that its revenue for the first quarter (Q1) was 3.3% up to S$372.6m, but its profit dropped more than 40%.
The revenue increase was supported by continuing growth in international mail and e-commerce-driven last mile deliveries, but the profit was impacted by the “ongoing integration efforts of the US businesses”.
In a statement issued today (3 August), Paul Coutts, Group Chief Executive Officer, said: “As strong growth in global eCommerce drives cross-border and last-mile deliveries, we are focused on executing well to keep up our operational momentum as we transform SingPost for the future.”
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