Nov 23 2023, 04:51 PM, updated 3y ago
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%.
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Pos Malaysia continues to bleed in 3Q, with 9M, losses hitting RM88 mil
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