A slight drop in postal revenue was more than offset by growth for retail and other services, resulting in a 2% increase in total revenue for Hongkong Post in 2020.
Lower postal revenue was the result of a sharp decline in international mail volumes during the pandemic. Outbound volumes (85% of total international mail) fell by more than a quarter in the year, as a result of border closures and capacity constraints. Higher international transport costs also drove continued operating losses for the post, although it was able to improve its EBIT margin through lower staff costs. For more details download the latest IPC Carrier Intelligence Report for Hongkong Post.
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