Singapore Post posts 5% gain in Q1 profit
Singapore Post has reported a 5% gain in first quarter profit to S$31 million (€15.5 million) compared to a year ago, mainly due to higher sales at its core businesses. Revenue rose 8.5% to S$105 million (€52.5 million).
Going forward, SingPost says it is well positioned to handle the loss of its monopoly of basic mail services by 2007. SingPost’s exclusive licence for basic mail services expires at the end of March next year. The mail services provider says it will continue to drive growth in its core businesses. Various strategies for growth have been identified.
SingPost says it will focus on rolling out higher value products and services to its customers. At the same time, it will extend its regional reach by tying up with key partners in the region for online shopping, through its internet portal.
