KUALA LUMPUR, Aug 23 — Pos Malaysia Bhd’s net loss for the second quarter (2Q) ended June 30, 2023, widened to RM27.01 million from RM5.25 million in the same period last year.
Revenue for the quarter under review decreased to RM465.20 million from RM517.26 million previously.
In a Bursa Malaysia filing today, the company said revenue for the postal segment decreased by 16 per cent for the six-month period ended June 30, 2023, primarily contributed by the drop in the courier business due to the decline in overall parcel volume especially from contract customers.
“Additionally, major e-commerce players leveraged their insourced delivery capabilities while international players pursue penetration strategies to capture higher market share in the courier business,” it said.
The logistics segment registered a 7.0 per cent growth in revenue to RM169.4 million during the period.
“The increase is mainly contributed by freight management business (especially from freight forwarding) and automotive logistics.
“The logistics segment turned to the black with a profit before tax of RM2.2 million compared to a loss before tax of RM11.7 million in the last financial period on higher revenue while cost was maintained,” it said.
Meanwhile, the aviation segment contributed higher revenue of RM141.4 million mainly from higher in-flight catering and ground handling businesses.
“This is due to the increased number of meals uplifted for commercial and umrah related flights, while the increased number of flights handled contributed positively to the ground handling revenue.
“However, profit before tax dipped to RM2.9 million from higher costs incurred to support the surge in transactions,” it said.
Other segments, comprising printing and insertion, digital certificates and Ar-Rahnu, registered revenue of RM88.0 million during the period, an increase of 35 per cent compared to last year mainly contributed by Ar-Rahnu.
Overall, Pos Malaysia said the industry will continue to face challenges, including rising competition, escalating operating costs and cybersecurity threats.
“The group is fully committed to improving its financial performance by embracing digital technology, enhancing the customer journey, and championing sustainability for a greener and cleaner future. Our unwavering focus is on creating a business model that prioritises the welfare of our employees, customers, and the environment,” it added.
Meanwhile, in a separate statement, group chief executive officer Charles Brewer said the company operates in a very challenging environment and will continue to navigate those challenges by focusing on its variable costs, network rationalisation and commercial workstreams.
“Going forward, while the headwinds will likely persist, we are cautiously optimistic and anticipate an improved result for the group in 2023,” he said.
— Bernama
