SingPost's net profit falls 13.6% to $30.97m

It cracked under intense logistics competition pressure.

Singapore Post felt the heat from the increasing competition in the logistics segment especially in the past quarter, contributing to the 13.6% decline in its net profit.

According to the group, this came as its headline rose 6.2% to $354.1m.

It noted that the slump in net profit was also due to the lower domestic mail volumes and costs from planned investments.

Meanwhile, its total expenses increased 11.1% to $330m, on higher volume-related expenses, which reflect the group’s changing business mix.

SingPost CEO Paul Coutts said their transformation into a leader in postal and eCommerce logistics is in progress to secure new revenues for the group.

"The investments we have made will take a number of years to contribute to profitability, but are necessary as our core domestic mail business faces structural decline," he said.