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USPS has released revenue figures for the second quarter of 2018, which revealed the postal operator's shipping and packages revenue grew by US$445m or 9.5% (read more here). But how many more parcels did the operator handle between January 1 and March 31, 2018?

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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


Starship drones deployed at Intuit campus in California

Autonomous drone developer Starship Technologies has completed the installation of delivery robots at a work campus for US financial software company Intuit in California.

01 May, 2018

Tompkins launches autonomous robotic sorting system

Technology developer Tompkins Robotics has partnered with IT provider Lab Z to launch its t-Sort portable, automated sortation system. The new solution uses a network of automated drones fitted with tilt trays to harmoniously sort parcels and packets into dedicated containers.

30 January, 2018

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