Friday 29 Mar 2024
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KUALA LUMPUR (Aug 24): Pos Malaysia Bhd’s net profit for the first quarter ended June 30, 2018 plunged 86% to RM4.98 million, from RM35.92 million a year earlier, due to lower revenue from its postal services segment coupled with increased costs.

Earnings per share dropped to 0.64 sen from 4.59 sen, the group said in a filing with Bursa Malaysia.

Quarterly revenue fell 3% to RM590.46 million from RM611.63 million a year ago.

Pos Malaysia said lower revenue was also registered in its international and logistics segment. However its courier segment’s revenue rose 13% on higher demand in e-commerce as well as online business customers.

“We recognise an untapped market for eCommerce products within the postal reserved area, to fulfil the increasing demands from our customers for competitively priced, non-time sensitive delivery options.

“Our data indicates this to be a tangible opportunity for Pos Mel, particularly for inbound eCommerce items from China,” said group chief executive officer Al-Ishsal Ishak.

Ishsal said the group continues to invest in technology and business process optimisation initiatives to improve its Pos Laju omni-channel customer experience.

“Notwithstanding some seasonal factors, Pos Malaysia’s transformational journey continues to gain traction.

“The group remains focused to deliver greater value for all stakeholders by enhancing its brand and trust capital, delighting customers and infusing a high performance culture,” the group said.

Pos Malaysia’s shares closed nine sen or 2.21% higher at RM4.17, for a market capitalisation of RM3.26 billion.

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