SingPost – profits fall significantly

Singapore Post (SingPost) has reported a large drop in net profits in the full year ending March 2021.

Excluding the impact of exceptional items and one off expenses, SingPost’s underlying net profit fell 47.7% to S$60.1 million. This was on group revenue that grew by 6.8% to S$1.4 billion, led largely by strong e-commerce growth. E-commerce grew to 34% of the total Domestic Post and Parcel revenue of the postal operator in 2020-21.

Mr Paul Coutts, SingPost Group CEO, said: “It’s been more than a year since COVID-19 struck the world, and the operating environment for businesses across all industries has changed as a result. SingPost has not been spared from the huge challenges the pandemic presented in the last year.  Despite this, we delivered a resilient performance and remained profitable. More importantly, we have positioned SingPost for the rebound which will come in time. We continue to adapt as needed in order to execute on our longer-term strategy, forging ahead with our vision to be a leading eCommerce logistics provider,” Mr Coutts added.

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