Singapore Post wrote off most of the remaining value of its US e-commerce operations and said it would focus on its home base and the Asia Pacific region where it is likely to fare better against rivals.
The US subsidiaries are up for sale and SingPost hopes to conclude the process over the coming months, group chief financial officer Richard Lai said during a teleconference. However, e-commerce will remain a key part of the company’s strategy. Group CEO Paul Coutts added that SingPost has seen strong growth in volumes and yields in Asia.
Like many former postal monopolies, SingPost has expanded into logistics, e-commerce and related businesses to offset the continued fall in mail volumes. But results have been mixed, with losses in the US and frequent complaints about the quality of its mail and parcel delivery services in Singapore.