Friday 29 Mar 2024
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KUALA LUMPUR (Nov 26): Pos Malaysia Bhd shares fell 2.7% at mid-morning today after it reported its fifth consecutive loss-making quarter, with net loss expanding to RM29.34 million from RM16.58 million last year, which brings it an accumulated loss of RM215.16 million since July last year.

At 10.56am, Pos Malaysia shares fell 4 sen to RM1.44, for a market capitalisation of RM1.13 billion.

Pos Malaysia group chief executive officer Syed Najib Syed Md Noor said the latest losses incurred for the three months ended Sept 30, 2019 were due to the continued decline in its mail volume besides increasing costs in serving the Universal Service Obligation to accommodate the increasing growth of addresses nationwide.

"The change in the global postal landscape has urged us to seek an urgent postal tariff regulation review from the government, which is expected to materialise by early 2020," he said in a statement filed with Bursa Malaysia.

Pos Malaysia, which recently changed its financial year end to Dec 31, said revenue for the quarter under review fell 6.6% year-on-year to RM550 million from RM588.73 million. It blamed the lower postal services revenue on the continuous structural decline in traditional mail volume — largely due to electronic substitution — while its courier services also saw lower volume from walk-in customers.

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