KUALA LUMPUR: Pos Malaysia Bhd
, which posted a smaller net loss in the first quarter ended March 31 (1Q24) remains cautiously optimistic of delivering improved results in 2024.
The national post and parcel service provider posted a net loss of RM19.7mil in 1Q24 compared with a net loss of RM27.6mil in the same quarter last year.
Revenue, however, rose 2% to RM491.9mil against RM482.3mil previously. Its loss per share stood at 2.52 sen against 3.53 sen a year prior.
Group chief executive officer Charles Brewer said its 1Q results reflected a significant milestone in its sustainable growth and profitability journey.
“Through enhanced yields, a continued focus on optimising our assets, and stringent cost controls, we have successfully navigated challenges while capitalising on the many opportunities that exist. Our steadfast focus remains on executing our transformation strategies, addressing unprofitable segments, and rapidly scaling our margin-led businesses.
“Moreover, our dedication to sustainability, as outlined in our ESG roadmap, reaffirms our responsibility towards the environment, society, and long-term value creation. As we move forward, we remain passionate about building trust to connect businesses and lives for a better tomorrow,” he said in a statement.
Brewer said the company is is accelerating the execution of its margin-led strategy, which includes plans to open an additional 40 new Pos Shop outlets in 2024, rapidly scaling both fulfilment and international business as well as launching a SaaS business unit.
In a separate announcement, Pos Malaysia announced that its indirect wholly-owned subsidiary, Pos Logistics Bhd, is disposing of its entire equity interest (or 49 million shares) in PNSL Bhd to SWA Shipping Sdn Bhd for RM123.21mil.
Pos Malaysia said the disposal is expected to strengthen the cash flow position of the group and reduce its gearing level.
