Pos Malaysia 2Q Net Loss Widens To RM55.92 Mln

KUALA LUMPUR, Aug 21 (Bernama) -- Pos Malaysia Bhd’s net loss for the second quarter ended June 30, 2024 (2Q 2024) widened to RM55.92 million from RM27 million net loss a year ago.

Revenue was down to RM443.43 million from RM465.20 million previously attributed by lower revenue in the postal and logistics segments.

For the second half of 2024 (2H FY2024), its net loss increased to RM75.61 million from RM54.67 million net loss in the previous year, while revenue was lower at RM935.40 million from RM947.47 million.

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Pos Malaysia said in a filing with Bursa Malaysia today that the postal segment revenue declined by 10 per cent due to a drop in bulk mail volume handled and lower international volume during the quarter.

The logistics segment also registered lower revenue at RM67.2 million compared to RM79.9 million in 2Q FY2023.

“The decrease is mainly due to the lower volume handled from the automotive and freight management business,” it said.

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However, the aviation segment contributed higher revenue of RM88.0 million compared to RM73.1 million in 2Q FY2023 mainly attributable to the in-flight catering business with a higher number of meals uplifted.

“Despite the higher revenue, profit before tax was lower due to higher operating cost related to the cargo handling business and e-commerce warehousing,” it said, adding that other segments continue to grow healthily with an increase in revenue primarily contributed from increase in sales of digital certificates.

In a separate statement, its group chief executive officer Charles Brewer attributed the slower-than expected 2Q performance to a continued challenging market environment, specifically related to the parcel segment.

“Despite the headwinds faced in 2Q, Pos Malaysia remains cautiously optimistic about its financial performance for the full year and is committed to its transformation plan, which includes accelerating margin-led businesses, continued cost and capacity management and adopting digital technologies,” he said.

On its prospects, in the retail segment, Pos Malaysia will be doubling down on its newer value creators like Pos Shop, Pos Fulfil, Redly Express and creating an omnichannel customer experience.

“For the logistics segment, the focus remains on expanding into new industry segments and expanding market share in the attractive automotive sector,” it said.

And for the aviation segment, the focus will be on both domestic expansion and leveraging the recent joint venture with SIA Engineering Company Ltd.

-- BERNAMA