Wider e-commerce loss erodes SingPost Q1 earnings
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Singapore
SINGAPORE Post (SingPost) has pumped more money into its loss- making e-commerce segment to get it ready for the upcoming holiday season and its investments there could take at least one or two years to contribute significantly to profits, its acting chief executive officer Mervyn Lim said on Thursday as the progress of the group's plans to integrate all its recent acquisitions continued to be in focus.
The postal and e-commerce group incurred a wider operating loss of S$3.5 million in its key e-commerce segment in its fiscal first quarter this year, from a loss of S$1.9 million the previous year, it said on Thursday. That, along with loss of rental income arising from SingPost's SPC retail mall redevelopment, took a toll on the group's overall results.
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