The Postman fails to deliver

SingPost's net profit went 11.8% down despite crunching revenues of $578.5M.

In its 20th Annual General Meeting, SingPost revealed that its net profit is a measly $142 M.

It also puts the blame on cost pressures across all businesses: labour, rental, utilities, inflationary pressures. The challenging postal industry globally and in Asia is pointed as culprit to the decline.

SingPost recognized the need to invest to stay relevant and enhance services: skills, technology, operations. Prudent cost management to manage all non-strategic costs were also deemed necessary to turn the tables.