Pos Malaysia suffers its 20th consecutive quarterly loss in Q2

Pos Malaysia’s revenue fell 10.06% to RM465.2 million in Q2 FY2023 from RM517.26 million in the same period last year.

PETALING JAYA: Pos Malaysia Bhd’s financial woes worsened in its second quarter ended June 30, 2023 (Q2 FY2023) as its net loss widened to RM27 million compared to RM5.25 million in the same quarter last year.

This marked the national postal and courier service provider’s 20th consecutive quarterly net loss, increasing its loss per share to 3.45 sen from 0.67 sen.

Group revenue fell 10.06% to RM465.2 million from RM517.26 million in the same period last year, Pos Malaysia said in a filing with Bursa Malaysia today.

For the first six months ending June 30, its net loss soared 53.48% to RM54.67 million from RM35.62 million in the corresponding period last year as revenue fell 5.41% to RM947.47 million from RM1 billion.

Tycoon Syed Mokhtar Al-Bukhary has a controlling interest in Pos Malaysia via his 53.49% stake, according to the postal service provider’s 2022 annual report.

Optimism amid persistent headwinds

Group CEO Charles Brewer expressed cautious optimism and foresees a more favourable outcome for the group in FY2023.

“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,” said Brewer in a separate statement today.

“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,” he said.

He added the group’s key focus is on creating a business model that prioritises the welfare of its employees, customers, and the environment.

At the close of trade, Pos Malaysia’s share price was down half-a-sen or 0.93% to 53 sen, valuing the group at RM411 million. - FMT