SingPost banks on e-commerce as Covid-19 hits other business segments

CEO Paul Coutts is unfazed about intensifying competition as he believes that can help grow a bigger pie for all players.

Sharon See

Published Mon, May 17, 2021 · 05:50 AM

SingPost

Singapore

LIKE many other firms, Singapore Post saw its net profit drop sharply due to the Covid-19 pandemic, but group chief executive Paul Coutts sees some of the disruptions as temporary shifts, remaining sanguine about the postal service provider's future.

The mainboard-listed company posted a 47.7 per cent fall in full-year net profit to S$47.6 million for the fiscal year ended March, down from S$91.1 million the previous year.

Speaking to The Business Times, Mr Coutts attributed the deterioration of its financial performance to several "crunch points".

One major cost comes from having to provide accommodation to its Malaysian workers who have been based in Singapore after border closures meant they could no longer commute between the two…