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Business

SingPost warns of impairment for US e-commerce subsidiary

Company faces another challenge as it welcomes new CEO in June

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Higher costs and loss of customers in the U.S. e-commerce business are pressuring SingPost's financials.

SINGAPORE -- Singapore Post, the city-state's postal company, said Friday its net profit for the third quarter ended Dec. 31 fell 27.9% on the year to 31.3 million Singapore dollars ($22 million), due mainly to the poor performance of a U.S. e-commerce digital and logistics solutions company.

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