Singapore Post will lay off 45 administrative staff after operating profits dropped by nearly a quarter in the three months to December as rising costs outweighed revenue growth.
Citing a company statement, several Asia-based media reported that the group plans to reduce the number of people in corporate support roles, with 45 jobs affected, in order to “right-size” operating costs.
The news came as the Asian postal group, which is selling off its Australia business and has shaken up its top management after a whistleblower affair, announced lower profits for the third quarter of its 2024/25 financial year.
Challenging conditions
SingPost recorded a 12.1% year on year (YoY) growth in revenue to S$510.6 million last quarter, which is a seasonally high period for its businesses. Lower contributions from the Singapore and International businesses were outweighed by growth in revenue in the Australia business and property leasing.
But operating expenses for both the Singapore and International businesses outpaced revenue growth, resulting in a 23.8% YoY decline in operating proٳt to S$21.1 million in Q3 FY24/25. This decline was driven primarily by ongoing macro-economic pressures, including higher inٴflation, supply chain disruptions and a highly competitive environment.
SingPost stressed that while these challenges “are expected to continue to impact core businesses”, it remains focused on delivering value by streamlining operations, enhancing digital capabilities, and capitalising on new business opportunities.
Singapore loss
