KUALA LUMPUR, May 21 — Pos Malaysia Bhd records better results for the first quarter ended March 31, 2024 (1Q 2024) with a lower net loss of RM19.69 million from RM27.66 million net loss a year ago.
The company said in a filing with Bursa Malaysia today that its revenue rose to RM491.97 million from RM482.27 million previously.
The company said that for the first quarter of 2024, Pos Malaysia group increased its sales by 2.0 per cent to RM492 million compared with the same quarter in 2023.
“Our improved earnings are mainly explained by improved results across our mail and parcel business, with both delivering increased volumes in 1Q 2024 versus 1Q 2023.
“That said, the postal and parcel market is still an incredibly challenging environment, and we will continue to focus on our transformation, our margin-led new businesses and capacity management to ensure we have a foundation for continued progress throughout this year,” it added.
In other sectors, it said, Pos Aviation anticipates continued growth due to increased demand for inflight catering and cargo services while indirect wholly owned unit Pos Logistics Bhd continues with its transformation, placing more emphasis on the automotive sector, third-party logistics and warehousing.
“We remain cautiously optimistic that the group will deliver improved results in 2024,” it said.
In a separate filing, Pos Malaysia said Pos Logistics has proposed to dispose of its entire equity interest (49 million shares) in PNSL Bhd to SWA Shipping Sdn Bhd for RM123.21 million.
It said the proposed disposal would allow Pos Malaysia to unlock and realise the value of its investment in PNSL, which represents part of its non-core business.
“The proceeds to be raised from the proposed disposal is expected to strengthen the cash flow position of the group and contribute positively to the future earnings of the group,” it said. — Bernama
