Pos Malaysia continues to bleed in 3Q, with 9M losses hitting RM88 mil

KUALA LUMPUR (Nov 22): Pos Malaysia Bhd continued to bleed in its third quarter ended Sept 30, 2023 (3QFY2023), with a net loss of RM33.34 million — albeit slightly smaller than the RM33.63 million it lost in the previous year's corresponding quarter despite lower revenue, as it managed to trim its cost of sales and operating expenses.

The lower cost of sales and operating expenses, which dropped by 7% or RM37.52 million to RM493.73 million from RM531.25 million, cushioned the impact of lower revenue — which fell by RM30.29 million to RM461.71 million from RM492 million — and higher finance costs, which rose to RM11.46 million from RM9.34 million, its bourse filing showed.

This helped the national post and parcel service provider narrow its loss before tax for 3QFY2023 to RM29.12 million, down 19.6% from RM36.24 million in 3QFY2022. No dividend was declared.
For the nine months ended on Sept 30 (9MFY2023), the group’s net loss swelled to RM88.01 million from RM69.25 million in the same period last year, while revenue dropped to RM1.41 billion from RM1.49 billion on lower contribution from its postal and logistics segments, which was mitigated by higher topline from its aviation segment as well as its 'others' segment that comprises printing and insertion and its Islamic pawn-broking Ar-Rahnu business.

Pos Malaysia said despite a business environment marked by a weakened economic outlook and evolving consumer behaviour, accompanied by industry challenges such as logistics in-sourcing, masking and escalating operating costs, it has focused on enhancing its financial results through the significant transformation of its core business.

It has also focused on accelerating margin-led new initiatives, rigorous cost management, and pursuing strategic growth opportunities across its subsidiaries.

As such, the group has remained resilient despite the headwinds it faces and delivered significant progress on its transformation journey, said group chief executive Charles Brewer.

"I am immensely proud of the Pos Malaysia team. They are dedicated and resilient, reflecting our collective commitment to adaptability and continuous improvement. We have made significant strides in elevating service levels and our commitment to consistently provide exceptional service is underscored by the results of the 2022 Courier Challenge survey, overseen by the Malaysian Communications and Multimedia Commission (MCMC).

“Pos Malaysia achieved an impressive 96% in guaranteed delivery performance, surpassing the industry average of 78%. This accolade reflects our dedication to excellence and our purpose in passionately building trust to connect lives and businesses for a better tomorrow,” Brewer said.

Shares in Pos Malaysia finished half a sen or 0.95% higher at 53 sen on Wednesday, giving the group a market capitalisation of RM410.96 million. Year to date, the stock has dropped 11.67%.

sos

they're so dumb

no vision to make a business sector and capture Shopee and Lazada market

dulu i see all the online sellers queue up at pos laju same with those sending personal items macam two hours long only one pekerja working

inefficient and short sighted

The top management salary is around RM8mil.

sebab boleh lossess, buat pe winness

time to buang pekerja gaji buta from top to bottom..

And the workers + pak guard so damnlan79 lansi

Online shopping all time high they still cannot make profit?

Actually har, why pos lose money every year?

Then drb pump money every year to sustain them?
Drb so rich?

they only got a small percentage of it as their fees are higher and lapsada and shitpee both got their own delivery service

9M lose RM88m, 1 mth lose RM10m

Directors still eligible to take RM8m salaries, not counting the bonuses, allowances etc. kek

Charles Brewer also can't help them already. sad.

just sell to j&t

they tried to catch sales by selling their own phone case lmao
one of the director's kid intern there and proposed the idea is it?
this smells so much like uni project
why should i use pos if i can just use 3rd party service that will come to my house to pick up my shit for me
instead i had to drive to a pos branch pay parking and go send my shit
easyparcel did it best altho there are now better competitor than them but they got me through mco selling all my garbage online

j&t also don't want.
j&t only want profitable city area. Who wants to deliver to ulu area and lose money?

To become profitable, pos malaysia must shut down all low population area, only concentrate in major cities.

inb4 pos malaysia is not a moneymaking company as they are doing service for marehsia

lol only sohai will use pos malaysia when other services like Pgeon is way fsater and more convenient

Management doing shit also no problem, govt always there to tongkat or bailout when the time comes.

Cut this….

Insta profit….

Tadaaa!!!

Should not pay so high salary to directors