Pos Malaysia slides on weak Q2 results

The key FBM KLCI fell briefly below the crucial 1,600 level in afternoon trade on Monday on mounting selling pressure in line with the key Asian markets.

KUALA LUMPUR: Pos Malaysia Bhd succumbed to selling pressure in early morning trade on the back of a disappointing earnings announcement.

At 9.35am, the counter was down 25 sen or 7.5% to RM2.96 a share on 371,400 units traded.

The company posted a net loss of RM16.58mil in its second quarter ended Sept 30, 2018, from a net profit of RM18.83mil in the previous corresponding quarter.

According to a stock exchange filing, the net loss was due to the lower revenue registered from postal services and the international and logistics segments, coupled with the increase in the cost of sales and operating expenses as well as finance costs.