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.

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