SingPost registers Q4 net loss of S$75.1 million; company to exit US market

SINGAPORE: SingPost has attributed a net loss of S$75.1 million in its fourth quarter to equity holders, reversing from a net profit of S$31.8 million a year ago, according to results released by the postal service on Tuesday .

Meanwhile, SingPost’s revenue rose by 2.9 per cent to S$1.56 billion in the last financial year, driven by growth from its post and parcel, and property, segments. Earnings in the post and parcel segment rose 4.1 per cent driven by growth in international mail. Revenue for its e-commerce segment also declined by 0.3 per cent as it faces challenges in the US, amid “intensifying competitive and cost pressures” as well as increase in customer bankruptcies in the industry, SingPost said.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

StarHub Q1 net profit falls 14.2% on cybersecurity investment lossesLOSSES in the fledgling cybersecurity business sent earnings tumbling at mainboard-listed telco StarHub in the first quarter, according to unaudited results released on Friday evening. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Drug company founder, execs convicted of bribe scheme that fueled US opioid epidemicJurors on Thursday said they had reached a verdict in the trial of the founder of Insys Therapeutics Inc and four colleagues accused of bribing ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Drug company founder, executives convicted of bribe scheme that fueled US opioid crisisJurors on Thursday said they had reached a verdict in the trial of the founder of Insys Therapeutics Inc and four colleagues accused of bribing ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »