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SINGAPORE: Singapore Post\u2019s net profit for the first half of its financial year fell by 17.1 per cent year-on-year to S$18.4 million (US$14.1 million), said the company on Monday (Nov 10).\u00a0<\/span><\/p>\n Announcing its unaudited results for the half year ending on Sep 30, SingPost said: “The decline was largely due to contributions from the<\/span> divested Australia business<\/span> in the prior period, which offset the exceptional gains in H1 FY25\/26.”<\/span><\/p>\n Revenue fell 27.4 per cent to S$188.4 million, which the company said was a reflection of \u201cthe challenging operating environment for the logistics business, particularly in cross-border ecommerce delivery volumes\u201d.<\/span><\/p>\n The company said its efforts to streamline its operations post-divestment and cost discipline were reflected in lower operating expenses, which fell 25.5 per cent year-on-year to S$182.4 million.\u00a0<\/span><\/p>\n Labour and related expenses were lower by 10.9 per cent at S$92.8 million due to “streamlined operations”, while volume-related expenses were lower by 58.6 per cent at S$31.6 million, mainly due to lower cross-border delivery volumes.<\/span><\/p>\n Its underlying net profit fell 78 per cent year-on-year to S$5.5 million. This was due to changes in discontinued operations, it said.\u00a0<\/span><\/p>\n SingPost CEO Mark Chong said the company\u2019s first-half performance \u201creflects the full impact of the streamlining of our business\u201d.\u00a0<\/span><\/p>\n \u201cThis team has delivered a positive start to the first half, despite the persistent weakness in the global logistics and ecommerce sector.\u00a0<\/span><\/p>\n