KUALA LUMPUR, Feb 27 — Pos Malaysia Bhd (Pos Malaysia) has reported a consolidated revenue of RM581.2 million for the third quarter ended Dec 31, 2018, down 6.4 per cent, compared with RM620.7 million recorded in the corresponding period of 2017.
The decrease was mainly due to the decline in revenue from postal services due to a double-digit drop in mail volume and logistic business due to the end of a major project.
The group also registered a net loss of RM13.020 million compared with a net profit of RM9.475 million reported in the corresponding quarter in 2017.
“Operating conditions remain challenging for the Pos Malaysia group as a whole,” said group chief executive officer Syed Md Najib Syed Md Noor.
The traditional mail business, which is part of the group’s universal postal services obligation for the government, continued to be saddled with high operating costs and increased migration by commercial customers to electronic and digital media.
“We continue to work with the government and our regulator to agree on a pricing mechanism to partly offset our universal obligation cost,” he added.
Pos Malaysia embarked on a multi-pronged retail transformation programme to revamp the postal network in order to build a sustainable universal service business model that would balance the needs of the people with its obligations to stakeholders and shareholders alike.
“The transformation will involve right-sizing our postal infrastructure, introduction of digital technology for self-service applications and the expansion of our parcel processing capacity,” said Syed Md Najib.
He said Pos Malaysia was also investing in automation and digital platforms to increase operational efficiency and offer customers a higher level of convenience with a more satisfying customer experience. — Bernama
