Revenue rose 1 per cent to S$376.4 million from S$372.6 million, driven by higher International Post and Parcel revenue arising from cross-border e-commerce deliveries.
From April 1, 2019, the group reclassified the reporting of certain business units under four key business segments - post and parcel, logistics, property and US business. Its US business comprises of e-commerce companies TradeGlobal and Jagged Peak, which are in the midst of a sale process as part of SingPost's intention to exit its US businesses.
"Amid the backdrop of declining domestic letter volumes and a weaker economic outlook in our key markets, we will continue to navigate our way through the transformation journey, leveraging the continuous growth of e-commerce," said Paul Coutts, SingPost's group chief executive officer. "Meanwhile, we remain firmly focused on rolling out our mid and longer-term measures aimed at improving service levels for our customers in the home market."