KUALA LUMPUR (Nov 21): Pos Malaysia Bhd has posted a narrower third quarter net loss of RM33.63 million, compared to RM43.9 million a year earlier, on improved cost of sales and operating expenses and lower loss from operations and finance costs.
Revenue for the quarter ended Sept 30, 2022 dropped 8.25% to RM492 million from RM536.26 million previously, according to the national postal service’s bourse filing.
For the first nine months of the year, Pos Malaysia reported a smaller net loss of RM69.25 million, compared to a net loss of RM212.52 million in the previous corresponding period, while revenue fell 10.32% to RM1.49 billion from RM1.67 billion.
Looking ahead, Pos Malaysia said the global and domestic economic uncertainties caused by macroeconomic headwinds are expected to further depress the already-soft post-pandemic e-commerce market.
Consumers’ preference for physical shopping and the continued in-sourcing by e-commerce platforms put pressure on parcel volumes and margins for all courier and logistics players, it said.
“Despite the increasingly challenging business environment, we remain focused on our transformation journey in providing a great service for our customers, acquiring higher-yielding customers, optimising for a margin-led business, and continued and strict cost management.
“The mail and courier business challenges are mitigated by the positive prospects of our aviation and Islamic pawnbroking business segments,” said Pos Malaysia.
The group added that it will continue to leverage on its unparalleled reach and continue to take appropriate actions to ensure that longer-term prospects remain sustainable.
Pos Malaysia’s share price closed two-and-a-half-sen or 4.27% higher at 61 sen on Monday (Nov 21), bringing the group a market capitalisation of RM477.5 million.
Source: TheEdge - 22 Nov 2022
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