When I lasted attended Singapore Post’s annual general meeting in 2018, the management was touting the success of their turnaround plan for the company’s ecommerce segment, where losses narrowed from $33.8 million to $16.7 million.
The turnaround looked to be on track, so it came as a surprise when SingPost announced the sale of its two U.S. ecommerce business – Jagged Peak and Trade Global — in April this year.
The announcement of the sale caught me off guard as I remembered that the management was rather optimistic at the 2018 AGM about turning around the e-commerce segment where it was reported that Trade Global’s Q4 revenue had grown at 19%. I decided to attend the AGM this year to find out more about the management’s change of heart.
Here are five things learned from the 2019 Singapore Post AGM:
1. Ecommerce segment losses widened to S$51.9 million
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