Pos Malaysia Bhd reported a lower net loss in its first quarter ended March 31, 2024 (1QFY2024) to RM19.69 million from RM27.7 million a year ago on higher revenue from the postal and aviation segments.

KUALA LUMPUR (May 21): Pos Malaysia Bhd (KL:POS) narrowed its net loss to RM19.69 million in its first quarter ended March 31, 2024 (1QFY2024), down 28.8% from RM27.7 million a year ago, driven by higher revenue from the postal and aviation segments.

Loss per share narrowed to 2.52 sen in 1QFY2024 from 3.53 sen in the previous corresponding quarter, the national post and parcel service provider's bourse filing showed

Quarterly revenue edged up 2% to RM491.97 million from RM482.27 million in 1QFY2023.

The postal segment, which constitutes the largest revenue for the group, recorded higher revenue by 4% to RM291.97 million compared to RM279.61 million, primarily contributed by the mail business from a project with a government agency.

The aviation segment also recorded a higher revenue of RM91.7 million, up 34.2% from RM68.3 million, mainly attributable to the in-flight catering business with a higher number of meals uplifted.

In a separate statement, Pos Malaysia group chief executive Charles Brewer said the group is committed to its transformation journey despite market challenges, intense competition, and the impact of digitalization on foot traffic and mail volumes.

“We are accelerating the execution of a margin-led strategy, which includes plans to open an additional 40 new Pos Shop outlets in 2024, rapidly scaling both our fulfillment and international business, as well as launching a SaaS business unit.

"This unit will provide market-leading digital solutions for both the post and parcel sector and new focus industries," Charles said, adding that he is cautiously optimistic about Pos Malaysia's improved results in 2024.

Shares in Pos Malaysia settled unchanged at 47 sen on Tuesday, valuing it at RM363.99 million.