Near-S$100m impairment on US assets pushes SingPost S$75m into red

Singapore

AN ALMOST S$100 million impairment for its struggling United States e-commerce subsidiaries caused Singapore Post (SingPost) to deliver a net loss of S$75.1 million for the quarter ended March 31, reversing from a net profit of S$31.8 million a year ago.

Following a hefty reduction of S$98.7 million in value, there will be no more further impairment by the postal service provider on Jagged Peak and TradeGlobal as their carrying value had been substantially impaired. Operating losses for these units are expected to continue till they are divested.