Pos Malaysia 1Q net loss narrows to RM27.66 mil
18 May 2023 10:35pm
In a filing with Bursa Malaysia today, Pos Malaysia said its revenue slid to RM482.27 million in 1Q FY2023 from RM484.35 million previously.
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The national post and parcel service provider attributed the improved performance to its market-leading service offerings, better customer mix and yield, and continued effective cost management.
In a filing with Bursa Malaysia today, Pos Malaysia said its revenue slid to RM482.27 million in 1Q FY2023 from RM484.35 million previously.
This was attributed to its postal business which saw revenue fall by 13 per cent year-on-year, primarily due to a drop in its courier business.
"(This was the result of) the decrease in overall parcel volume consequent to increased insourcing by e-commerce market players, shifting of demand from online shopping to brick-and-mortar purchases, and heightened competition from other courier players,” it said.
In a separate statement, group chief executive officer Charles Brewer said that compared to 1Q FY2022, Pos Malaysia’s performance had improved across all dimensions.
"In part, the improvement can be attributed to solid cost control measures and improving productivity, but also a reflection of market share gains and ongoing yield improvement programmes in the courier sector,” he said.
Brewer said despite the challenges, the group remains cautiously optimistic to deliver improved results in 2023. - Bernama
