SINGAPORE -- Singapore Post is betting its future on a pivot to logistics as shrinking demand for mail delivery drives the venerable company to another foray into a fiercely competitive sector.
SingPost's postal and parcel business logged an operating loss of 15.9 million Singapore dollars ($11.8 million) for the fiscal year ended in March. The business' first-ever loss was attributed to customers' digital shift during the pandemic and rising fuel and labor costs. The company's overall net profit tumbled 70% to SG$24.7 million.
