Singapore Post Ltd.’s shares fell by a record after the company booked an underlying loss and issued a gloomy outlook on the back the of global trade tensions.

The shares dropped as much as 12.6% during intraday trading on Thursday, the deepest slump on record. The postal services firm booked an underlying loss of S$461,000 ($355,000) in the second half, from October to March, compared with S$28.1 million profit a year ago, it said. Revenue fell 12% year-on-year to S$387.5 million.

Revenue growth in property and freight forwarding was offset by declines in international cross-border businesses and Singapore postal and logistics, the report showed. International cross-border e-commerce logistics volumes continued to decline, down 43% from the same period a year earlier, amid geopolitical tensions and tough competitions.

SingPost expects persistent challenges to linger, with trade tensions predicted to pressure cross-border logistics volumes. These conditions worsened in the second half and “are expected to continue into the next financial year,” it said.