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Profit falls and revenue rises amid SingPost transformation

Singapore Post’s (SingPost) third quarter results told a mixed tale of rises and falls.

Revenue was up 16.8% to S$369.4m (US$260.7m) when including SingPost’s US e-commerce subsidiaries, but net profit attributable to equity holders sunk by 27.9% to S$31.4m (US$22.2) and underlying net profit was down 28.5%. This was due to operating losses in the US e-commerce business, regional e-commerce logistics hub costs, and a decline in domestic mail volumes.

Mervyn Lim, covering group CEO of SingPost, said, “We are building out our capabilities, broadening and deepening our e-commerce logistics network to secure the future of SingPost.

“There are challenges along the journey and it is going to take a number of years for our investments to contribute.”

Due to the poor performance of Cincinnati-based TradeGlobal, which SingPost acquired in October 2015, the board of the latter will be conducting a review of all investments made by SingPost.

TradeGlobal has not achieved the underlying profit assumptions of the business plan that supported the investment, instead incurring a significant loss that is expected to determine the outcome for the full year. The business is being restructured to improve its performance.

Written by Kirstie Pickering

February 14, 2017


Video Exclusives


Drone footage of Hermes super hub

Hermes UK has opened its new purpose built, automated parcel distribution hub in Rugby, the biggest of its kind in the UK. The £31m (US$40m) development represents the most significant investment in the company’s history and will create more than 100 jobs. Located in Rugby, the Midlands super hub measures 270,000ft², the equivalent of 34 soccer pitches, and has the capability to efficiently process in excess of one million parcels each day.

23 August, 2017


UPS delivery drivers trained using VR simulations

UPS has announced that it will start training student delivery drivers to spot and identify road hazards using virtual reality (VR) headsets that simulate the experience of driving on city streets. The company will launch VR training at nine UPS Integrad training facilities in September.

To read more about the training simulation, click here.

16 August, 2017

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Ahead of his presentation at POST-EXPO 2017, Holger Winklbauer, CEO at International Post Corporation (IPC), talks to PPTI about the latest changes in e-commerce markets.
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Justine Clark from Honeywell Safety and Productivity Solutions looks at how posts can refine last-mile delivery and save cost and time by embracing new technologies in distribution centers.  September 12, 2017
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Interest in physical trackers for monitoring parcels is at a high as customers demand more accurate and reliable information about their deliveries. Kirstie Pickering looks at the progress of parcel tracking devices.
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