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SingPost seeks logistics comeback as mail slides into red

Deal for Australia's FHM aims to bolster position in cutthroat market

Australia's Freight Management Holdings is at the core of Singapore Post's pivot to logistics. (Photo courtesy of Singapore Post)

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.

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