KUALA LUMPUR: Pos Malaysia Bhd, the national post and parcel service provider, today announced that it continued to narrow losses, and remains focused on executing its transformation plan, effective cost management and providing the very best service, despite facing an increasingly challenging operating environment.
In the three months ended September 2022 (Q3FY22), the group’s loss before tax reduced by 10.5% to RM36.2 million compared to the RM40.5 million recorded in the same quarter a year ago. This is despite revenue declining by 8.3% to RM492 million.
Looking at the nine months that ended September 2022, Pos Malaysia saw its loss before tax
narrow by 68% to RM65.9 million vis-à-vis RM206 million in the same period last year, on the back of revenue that declined 10.3% to RM1,493.5 million.
“The global and local macroeconomic environment is increasingly more challenging, that said the Pos Malaysia team has worked incredibly hard to ensure we continue to chart progress with our transformation,“ said Pos Malaysia group CEO Charles Brewer.
He foresee the financial performance outlook to remain challenging, dogged by macroeconomic headwinds that are expected to further depress the already soft post-pandemic e-commerce market.
He said accelerated in-sourcing by e-commerce marketplaces, aggressive pricing practices and ‘masking’ continue to put pressure on parcel volumes, not just for Pos Malaysia but for all courier and logistics players in the country.
Brewer said Pos Malaysia will continue to leverage our unparalleled reach to grow market share in the right segments, as well as take the appropriate actions to ensure that the current macroeconomic headwinds are best mitigated.
“We remain committed to our purpose of being passionate about building trust to connect lives and businesses for a better tomorrow,” he said.