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Pos Malaysia Posts Lower Net Loss For Q120 At RM49.2 Mln

Pos Malaysia Bhd (Pos Malaysia) recorded a lower net loss in the first quarter ended March 31, 2020 (Q120) at RM49.2 million from RM141.1 million in the same quarter last year.

Revenue was 6.1 per cent lower at RM558.5 million.

In a statement today, the group said the postal segment revenue contributed by mail and retail products stood at RM190.3 million, followed by courier at RM178.8 million.

It said the postage rates revision that took effect on Feb 1 this year, in line with higher operating costs and inte5rnational rates, contributed positively to the postal segment revenue.

The group saw its mail business’ monthly revenue increase by RM11 million in February 2020, but mail volume declined in March 2020 due to the COVID-19 pandemic.

The group said its courier business also saw an increase in parcel volume by 6.7 per cent year-on-year, contributed by stronger demand from e-commerce and online marketplaces.

The aviation segment, it said, contributed RM62.8 million in revenue to the group, mainly from cargo and ground handling businesses, while the logistics segment revenue of RM75.5 million came mainly from the freight management and automotive businesses.

Group chief executive officer Syed Md Najib Syed Md Noor said Pos Malaysia’s ongoing transformation continues to make progress, with the postal segment achieving improved gross profit as the company begins to realise the benefits of its operations improvements, cost efficiency and business initiatives.

“E-commerce has and will continue to drive our courier segment. Delivery is a key element in the e-commerce customer journey, and we believe that automation of our parcel sorting centres and our digitalisation efforts in deploying the new track and trace system would provide us the competitive advantage and enhance the customer experience.” he said.

Moving forward, the group said the effect of the revised postage rates will soften the financial impact of the decline in mail volume and increase Pos Malaysia’s revenue in FY2020.

The group said it expects an incremental annual revenue of RM100 million-RM150 million for the mail business compared with the previous year.

The reopening of businesses, primarily bulk mail operators, and higher footfall into Pos Malaysia outlets, are expected to provide some improvements to the group’s mail and retail business, it added. – BERNAMA

BacalahMalaysia Team

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