SEGMENTS
SingPost’s logistics and letters segment saw domestic parcel volumes increase by 23.8 per cent year-on-year, helping to mitigate a 15.6 per cent decline in domestic letter mail volumes.
The segment also continued a “multi-year transition towards an improved operating model” aimed at lowering costs, said the company. It added that disciplined cost management narrowed its operating loss to S$2.5 million.
SingPost said that its digital postage stamps – introduced as the first of its kind in Asia – and the islandwide rollout of SingPost@MyBlock drop-off points have also improved customer convenience and access.
In addition, its Post Office Network segment also lowered its operating loss by 42.9 per cent to S$3.3 million while revenue rose 80.8 per cent to S$10.4 million.
The company attributed the segment’s growth to retail partnerships, commercial product sales, higher rental contributions and support for the Singtel Special Discounted Shares (SDS) transfer exercise, which allows shareholders to sell their shares at SingPost branches.
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