SINGAPORE: Singapore Post reported a 60% drop in the group’s operating profit to S$3.4 million for the first quarter ended June 30, 2025, down from S$8.4 million for the same period a year earlier, as its revenue fell largely due to a decline in international deliveries, according to the group’s bourse filing on Friday (Aug 22).
For Q1 FY25/26, SingPost’s revenue fell 23.8% year-on-year (YoY) to S$162.3 million.
SingPost said, “The domestic and international delivery business recorded lower revenue due to the decline in delivery volumes. Letter mail volume contracted due to continuing e-substitution. Domestic and international eCommerce volumes were lower amidst competitive pressure.”
The group noted that operating expenses dropped 22.7% YoY to S$158.2 million, helped by “prudent cost management”. It added that after selling its Australia business to private equity firm Pacific Equity Partners for A$1 billion in March 2025, the group began adjusting its cost base to match its smaller operating footprint.
Last month, the group also divested its entire freight forwarding business through Famous Holdings Pte Ltd (FHPL) and Rotterdam Harbour Holding B.V. (RHH) for about S$177.9 million. /TISG
