PETALING JAYA: Pos Malaysia Bhd’s net loss for its third quarter ended Sept 30, 2021 widened to RM43.9 million from a net loss of RM7.43 million in the same quarter of the previous year due to higher finance costs and lower revenue.
For the quarter, revenue slid 13.9% to RM536.26 million from RM623.03 million reported previously.
For the nine months period, its net loss widened to RM212.52 million from RM75.67 million mainly due to lower revenue and impairment of property, plant and equipment. Revenue declined 6.84% to RM1.67 billion from RM1.79 billion previously.
During this period, its postal segment saw a 13% decline in revenue contributed by the drop in postal services following the decrease in mail and parcel volume handled especially from contract customers.
The logistics segment registered higher revenue by 12% at RM259.4 million during the current period, mainly from the freight management business (particularly from freight forwarding) and the automotive business (largely from the increased number of vehicles shipped and the commencement of a new warehouse).
Its aviation segment contributed higher revenue by 21% at RM152.1 million mainly from increased contribution from higher cargo tonnage handled and increased numbers of flights.
Other segments consist mainly of printing and insertion, digital certificates, and Ar-Rahnu registered RM80.9 million revenue during the current period, lower by 10% compared to the corresponding period last year.
As the Covid-19 situation improves with both physical stores and malls reopening, there is some short-term uncertainty with the e-commerce parcel sector, excluding the seasonal spikes during the 10.10, 11.11, and Christmas shopping peaks.
“The management is increasingly confident that the turnaround plan is starting to show improvements, and that the group should see improved results by year-end. The group remains cautious on its financial performance for the remaining financial year ending Dec 31, 2021. Pos Malaysia will continue executing its turnaround initiatives, improving both service and efficiency to create the platform to capitalise on the ongoing e-commerce growth opportunities,“ the group said.
Pos Malaysia group CEO Charles Brewer said despite the continuing Covid-19 challenges, the group is beginning to see the signs that the turnaround plan is starting to deliver.
“We are redoubling our efforts to turnaround the business, address ‘foundational’ service gaps and transform our business to position Pos Malaysia as the provider of choice for e-commerce parcels, whilst carefully managing expenses, cash flow and liquidity,“ he said in a statement.
