SingPost's Q1 profit falls 13.6% to S$30.97m
Domestic mail earnings decline; profit from cross-border e-commerce-related deliveries rises
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Singapore
LOWER domestic mail volumes, costs from planned investments, increased competition in the logistics segment and associates that are investing for growth. These were the reasons given by Singapore Post (SingPost) why its results for the first quarter were weighed down.
The postal service provider's earnings for the three months ended June 30, 2017, fell 13.6 per cent to S$30.97 million, from S$35.85 million in the year-ago period, it said in a Singapore Exchange filing on Friday. Revenue rose 6.2 per cent to S$354.12 million from the previous year. The swell was due to growth in the postal and logistics components, it said.
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