Pos Malaysia posts lower net loss for 1Q at RM30.37mil

KUALA LUMPUR: National courier service Pos Malaysia Bhd recorded a lower net loss in the first quarter ended March 31, 2022 (Q1 FY22) at RM30.37 million from RM46.78 million a year ago.

Revenue decreased by 18.6 per cent to RM484.35 million from RM595.28 million a year ago, driven primarily by fewer parcels as a result of a slowdown in online orders on the back of easing COVID-19 movement restrictions and the resulting change in consumer behaviour.

Group chief executive officer Charles Brewer said despite the challenging operating landscape, its Q1 performance is a testament that its transformation is starting to deliver results.

"We see plenty of upside opportunities. However, we are also mindful of the existing challenges related to marketplaces continuing to in-source, inflationary pressures on costs and demand, and the lack of fair competition in the last-mile delivery of parcels, which will continue to create yield pressures,” he said.

Brewer said the group will continue to drive its transformation plan, strengthen the core and build trust to connect lives and business to deliver a better performance for the year. - Bernama