SingPost's operating profit for retail, e-commerce crashed 35% to $2.4m

But there are bits of good news.

According to DBS, its mail segment booked S$36.8m operating profit, up 6.3% y-o-y after consolidating Novation Solutions.

The Logistics segment booked S$3.3m operating profit, up 36%. But operating profit for Retail & E-commerce fell 35% to S$2.4m due to development activities.

Here's more from DBS:

Singpost is positioned to ride on E-commerce growth in Asia. The company is pursuing a Low-Cost-Carrier (LCC) strategy rather than speed to compete with the likes of DHL and FedEx.

Singpost enjoys a niche due to its access to last mile delivery network of postal peers in various countries. It has a strong balance sheet with S$146m net cash, and acquires a business only if it is earnings-accretive and provides new capabilities or geographies. Singpost has spent S$179m on acquisitions over the last few years.