KUALA LUMPUR, Feb 20 — Pos Malaysia Bhd’s net loss reduced sharply by 50 per cent to RM167.67 million in the financial year ended December 31, 2022 (FY2022) against RM335.73 million in FY2021 due to improved customer segmentation.

The national post and parcel service provider told the stock exchange that its revenue eased 10.5 per cent to RM1.96 billion in 2022 from RM2.19 billion in 2021 amid a weakening and "very challenging” macroeconomic environment.

Group chief executive officer Charles Brewer said Pos Malaysia continued to make solid progress in the fourth quarter as it benefitted from the transformation plan that it embarked on in August 2021.

"Even in an increasingly volatile and uncertain macroeconomic environment, the company was able to maximise yields and efficiently sweat our assets,” he said separately in a media statement.

"While 2022 was marred by extraordinary challenges — high inflation, a continued acceleration of insourcing by larger e-commerce platforms and a return of consumers to brick-and-mortar stores — I thank the Pos Malaysia team who has worked doubly hard this year in staying the course of our transformation journey.

"We remain fully focused to our transformation plan and despite the challenges, we remain cautiously optimistic that the group will deliver improved results in 2023,” Brewer said.

In the fourth quarter 2022, Pos Malaysia’s net loss shrank to RM98.42 million from RM123.21 million in the same quarter of 2021, while revenue slipped to RM467.2 million from RM528.59 million previously. — Bernama