Pos Malaysia Bhd's revenue in the second quarter ended June 30, 2023 fell 10.06% to RM465.2 million from RM517.26 million in 2QFY2022.

KUALA LUMPUR (Aug 23): Pos Malaysia Bhd continued to bleed in its second quarter ended June 30, 2023 (2QFY2023) with its net loss widening to RM27 million from RM5.25 million posted a year ago. Loss per share swelled to 3.45 sen from 0.67 sen.

This is Pos Malaysia’s 20th consecutive quarterly net loss.

Revenue fell 10.06% to RM465.2 million from RM517.26 million in 2QFY2022, according to the national post and courier service provider’s bourse filing on Wednesday (Aug 23).

For the first six months of FY2023, the group's net loss ballooned to RM54.67 million, an increase of 53.48% over RM35.62 million in the previous January-June period, as revenue declined 5.41% to RM947.47 million from RM1 billion.

“We operate in a very challenging environment, and we will continue to navigate those challenges by focusing on our variable costs, network rationalisation and commercial workstreams,” Pos Malaysia group chief executive officer Charles Brewer said in a statement.

“We are fully focused on improving our financial performance, embracing digital technology, enhancing the customer journey and championing sustainability for a greener and cleaner future. Our unwavering focus is on creating a business model that prioritises the welfare of our employees, customers, and the environment,” Brewer added.

Going forward, Brewer said the group is cautiously optimistic and anticipates an improved result for the group in FY2023.

Pos Malaysia's share price closed down half a sen or 0.93% at 53 sen, bringing the group a market capitalisation of RM415 million.