Referring to its “significant and profitable” business in Australia together with its international business, the revenues generated overseas now account for 85% of SingPost’s revenue and operating profit.
Investors have responded positively to Singapore Post (SGX:S08
) ’s (SingPost) strategic review, which outlined a clear objective of becoming a tech-driven, pure-play logistics enterprise with a significant presence in Australia within three years.
As SingPost grappled with the structural decline of its former core business of delivering domestic mail, its share price has dropped by more than half in the last five years. When the strategic review was announced on March 19, SingPost’s share price surged 7.9% to close at 41 cents on March 20.
