Pos Malaysia’s Q3 net loss widens to RM43.9m

the postal group said its revenue also shrank to RM536.26 million from RM623.03 million previously . — Borneo Post pic
the postal group said its revenue also shrank to RM536.26 million from RM623.03 million previously . — Borneo Post pic

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KUALA LUMPUR, Nov 16 — Pos Malaysia Bhd’s net loss widened to RM43.9 million for the third quarter ended Sept 30, 2021 (Q3 FY2021) from RM7.43 million in the same period last year.

In a statement today, the postal group said its revenue also shrank to RM536.26 million from RM623.03 million previously primarily due to slower domestic and international mail.

For the cumulative nine-month period ended Sept 30, 2021, Pos Malaysia saw its net loss sank further to RM212.52 million from RM75.67 million in the same period a year ago while revenue slipped to RM1.67 billion versus RM1.79 billion previously.

In its filing with the local exchange today, Pos Malaysia said the group registered a higher pre-tax loss of RM206 million for the financial period ended Sept 30, 2021 compared to RM71.8 million during the corresponding period last year.

“This is mainly due to lower revenue by RM122.2 million and impairment of property, plant and equipment of RM46.7 million,” it said.

Commenting on the performance, group chief executive officer Charles Brewer said the company has seen signs that its turnaround plan is starting to deliver despite the continuing Covid-19 challenges.

“We are redoubling our efforts to turnaround the business, address ‘foundational’ service gaps and to transform our business to position Pos Malaysia as the provider of choice for e-commerce parcels whilst carefully managing expenses, cashflow and liquidity.

“As we look forward, as Malaysia starts to reopen and as the online environment continues to grow, we will do all that we can to keep Malaysians connected, help small and medium-sized enterprises (SMEs) and micro SMEs to get back on their feet and continue to deliver the smile in the last mile,” he added. — Bernama

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