Home News SingPost CEO says it has been an exceptional quarter with profits rising...

SingPost CEO says it has been an exceptional quarter with profits rising 16%

Author

Date

Category

- Advertisement -

Singapore – On February 1, 2019 (Friday), Singapore Post (SingPost) released a statement saying that its third-quarter net profit increased almost 16% compared to last year which was mainly due to the selling of its stake in a Chinese company.

SingPost CEO, Paul Coutts, said that “It has been an exceptional quarter, with strong performance across the group, other than the US which remains challenging.” The national postal agency said that net profit for the last quarter of 2018 was S$50.2 million which was 15.6% higher than the last quarter of 2017.

SingPost has sold its shares in logistics firm 4PX to a current shareholder of the China-based company, hence the increase in profit. With this occurrence set aside, SingPost’s net profit totaled S$32.9 million, which was 7.5% lower compared to last year.

As for its profit on operating activities from property, the company experienced an 18.2% increase due to rental income from its shopping mall, SingPost Centre that had a high occupancy rate of 99% at the end of 2018 compared to 86% the previous year.

- Advertisement -

SingPost’s US businesses

Meanwhile, SingPost’s US e-commerce businesses have incurred losses with profit on operating activities dropping 8.5% to S$42.2 million. Regardless of the festive season and increased shopping activities, costs rose significantly alongside the increased volume.

Another cause for concern in the e-commerce operating environment in the US are the increasing competition and customer bankruptcies. SingPost forecasts more losses this financial year in its US businesses.

Netizens doubtful

With all the lapses recently brought into light in relation to SingPost’s service, netizens are dubious to the “exceptional quarter” of the postal agency.

It was only a few days ago when residents in Ang Amo Kio found their undelivered mail and parcels dumped in a trash bin, to which an investigation was prompted by the Info-communications Media Development Authority (IMDA).

Read more here:

https://theindependent.sg.sg/another-singpost-blunder-unopened-letters-dumped-in-trash-at-ang-mo-kio/

Albert Weng pinpointed the rise in profit came from thrown packages that make sender sending their packages again and again. This was mentioned by Reuben Chew as well.

Photo: Facebook screengrab

Photo: Facebook screengrab

Others are also connecting the gain happening at the expense of overworked SingPost staff.

Photo: Facebook screengrab

Photo: Facebook screengrab

Kenny Chong placed it simply with his comment below:

Photo: Facebook screengrab
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

‘Stop the double standards,’ says PAB rider after seeing LTA officers let off an errant rider

Singapore – “PAB (power-assisted bicycle) rider doing food delivery? You’d better just dress like you look like an Aunty because LTA (Land Transport Authority) will not issue you a ticket,” said a member of the public after witnessing the authorities let...

Leong Sze Hian faces backlash for crowdfunding, shares hate messages he received

  Singapore — Some of the wind has gone out of blogger Leong Sze Hian's crowdfunding campaign and he has been getting hate messages too. Mr Leong took only 11 days to raise the S$133,000 the High Court ordered him to pay as...

M’sian worker and sole breadwinner suffers a stroke and severe memory loss in SG; family with two young kids crowdfunds for S$100K

Singapore -- A 34-year-old Malaysian man who was working in Singapore lost his memory after collapsing from a stroke. He is the sole breadwinner for his family, and his wife and two young children are crowdfunding to pay his medical bills. In...
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

Theindependent