What is causing SingPost's mail revenues to decline?

Customers are shifting to alternative online services.

Analysts at UOB KayHian observed a structural decline in Singapore Post's postal segment.

The shift in revenue mix towards lower-margin international business saw postal operating profit decline 4.2% YoY.

They noted that with the steeper decrease in domestic mail revenue at 8% YoY, the decline in the domestic mail has not eased just yet.

"Going forward, we expect mail operating margins to remain suppressed as domestic mail revenue continues to be impacted by e-statements implementation and the shift to alternative online services," the analysts said.

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