Pos Malaysia posts lower revenue of RM1.68b for nine months’ financial period ended Dec 2019

Pos Malaysia said its postal services saw continuous structural decline in traditional mail volume largely due to digital substitution. — Picture by Firdaus Latif
Pos Malaysia said its postal services saw continuous structural decline in traditional mail volume largely due to digital substitution. — Picture by Firdaus Latif

KUALA LUMPUR, Feb 25 — Pos Malaysia Bhd recorded a lower revenue of RM1.68 billion for the nine months of its financial period ended December 31, 2019 from RM1.76 billion in the preceding year.

Net loss widened to RM215.58 million from RM24.64 million, it said in a filing with Bursa Malaysia today.

The company changed its financial year end from March 31 to December 31. As a result, the annual audited financial statements of the group will cover a nine-month period ended December 31, 2019.

The company said its postal services saw continuous structural decline in traditional mail volume largely due to digital substitution.

Meanwhile, its courier segment recorded lower revenue mainly due to lower volume from customers due to malware attack in October 2019 and intensified competition offering lower pricing to gain market share.

Group chief executive officer Syed Md Najib Syed Md Noor said the recent announcement on the revised postage rates would contribute towards improving Pos Malaysia’s finances to better support the increasing costs in serving the Universal Service Obligations (USO).

“Pos Malaysia is set to embrace digitalisation to boost efficiency in order to take on more courier volume and enhance customer experience; catering to the booming e-commerce market.

“Our transformation strategy require investments across our business value chain to further provide a much better customer experience to stay at the forefront of our competitors,” he added. — Bernama

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