It may be time for SingPost to hand over some, or all, of its domestic postal obligations to the State
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SINGAPORE Post (SingPost) announced about three weeks ago that it is reviewing the commercial sustainability of its domestic postal business, after reporting its first annual loss for the shrivelling business.
The company posted an operating loss of S$15.9 million for the post and parcel segment for FY2023 to March, swinging from an operating profit of S$24.9 million for FY2022. It was squeezed by both lower turnover and higher costs, as delivery volumes continued to decline while labour, utility, fuel and conveyance expenses rose amid an inflationary environment.
The post and parcel segment weighed on SingPost’s profitability, causing its FY2023 bottom line to slide by 70.3 per cent to S$24.7 million, even as its transformation as a logistics player is bearing fruit.
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