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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


UPS tests residential drone delivery from vehicle roof

UPS has successfully tested a home delivery drone that launches from the top of a UPS package car while the driver continues separate deliveries.

The drone autonomously delivered a package to a home, returning to the vehicle upon successful completion. The test was conducted in Lithia, Florida, with the help of Ohio-based battery-electric truck and drone developer Workhorse Group.

27 February, 2017


Australia Post CEO unveils plans for electric vehicle fleet

International parcel delivery provider DPDgroup has produced a 360º virtual reality video that enables the viewer to experience the journey made by a parcel in first person, from collection to delivery. To experience the fully immersive experience on a smartphone, users can download the DPD VR Experience application at Android or Apple stores.

10 January, 2017

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Exclusive Articles

Delegates from the logistics and delivery sector will gather in Arlington, Virginia, on March 21-22, 2017, for PostalVision 2020/7.0 – Business NOT As Usual. Ahead of the conference, John Callan, co-founder of the PostalVision 2020 initiative, explores the disruptive influences and innovators that have shaped the modern postal sector. February 21, 2017
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Patrick Armstrong, CEO of technology developer Snaile, speaks to Postal and Parcel Technology International about the potential threat posed by parcel lockers, and what can be done to nullify the problem. February 14, 2017
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Ian Kerr, founder and host of the Postal Hub Podcast, presents highlights of research into the current progress of drone postal deliveries in the USA. February 6, 2017  
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