SingPost board should speed up resetting directions

[SINGAPORE] Shareholders of postal service provider Singapore Post (SingPost) could understandably be frustrated and disappointed that the annual general meeting (AGM) held last week did not deliver the answers they wanted.

SingPost posted an underlying net loss of S$461,000 for the second half-year ended Mar 31, from a net profit of S$28.1 million in the year-ago period, and attributed the dismal performance to intensifying challenges and uncertain conditions in the global logistics sector.

This came after the group divested its key financial contributor Freight Management Holdings at the end of March – without a replacement source of revenue.