BUSINESS

Pos Malaysia’s Q3 net loss narrows to RM33.6 mln

21/11/2022 07:16 PM

KUALA LUMPUR, Nov 21 (Bernama) -- Pos Malaysia Bhd narrowed its net loss to RM33.63 million in the third quarter ended Sept 30, 2022, from RM43.90 million in the same period last year.

However, revenue slid to RM492.00 million from RM536.26 million a year earlier, primarily due to lower revenue in the postal and logistics segments.

The national post and parcel service provider reported that for the nine-month financial period, its net loss shrank 67.4 per cent year-on-year to RM69.25 million despite revenue being 10.3 per cent lower at RM1.49 billion.

In a filing with Bursa Malaysia today, Pos Malaysia attributed the improved bottom line to the impairment of property plant and equipment of RM46.7 million included in the previous year’s corresponding period, as well as lower staff cost this year pursuant to the recent mutual separation scheme and continuous effective cost management exercised across the board.

It reported an 18 per cent decline in the postal segment’s revenue to RM962.35 million in this period, mainly contributed by the drop in courier business following the decrease in overall parcel volume, especially from contract customers.

“Despite the lower revenue, loss before tax was reduced (by 61.4 per cent to RM81.61 million) consequent to effective cost management effort to optimise operating cost evidenced in lower transportation and delivery cost recorded during the financial period,” it said. 

Meanwhile, the logistics segment’s revenue fell by 4.1 per cent to RM248.91 million during the nine-month period mainly from freight management business (especially from freight forwarding) as last year’s revenue included exceptionally high demurrage and detention charges of RM19.1 million.

“The coal export ban imposed by the Indonesian government in January 2022 also adversely impacted the revenue from the marine business,” Pos Malaysia said.

Due to the lower revenue coupled with certain continuing fixed costs, the segment swung to a loss before tax of RM12.21 million from a pre-tax profit of RM405,000 in the corresponding period last year.

In a media statement, group chief executive officer Charles Brewer said the group’s financial performance outlook remained challenging, dogged by macroeconomic headwinds that were expected to further depress the already soft post-pandemic e-commerce market.

“Additionally, accelerated in-sourcing by e-commerce marketplaces, aggressive pricing practices and ‘masking’ continue to put pressure on parcel volumes, not just for Pos Malaysia but for all courier and logistics players in the country,” he said.

He added that Pos Malaysia would continue to leverage its “unparalleled reach” to grow market share in the right segments, as well as take appropriate actions to mitigate the impact of the current macroeconomic headwinds.

-- BERNAMA

 

 

 

 

 

 


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