Pos Malaysia falls 8% after posting second straight quarterly loss

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KUALA LUMPUR (Feb 28): Shares of Pos Malaysia Bhd fell as much as 8.06% in active trade this morning, after the group posted its second straight quarterly loss in the third financial quarter ended Dec 31, 2018 (3QFY19).

At 11.40am, the stock fell 16 sen or 7.58% to RM1.95 after 2.37 million shares were traded so far. Notably, Pos Malaysia's share price has more than halved over the past 12 months.

Yesterday, Pos Malaysia announced that it incurred losses of RM13.02 million for 3QFY19 — versus a net profit of RM9.48 million in the year-ago quarter — due to continued decline in snail mail volume and lower logistics earnings contribution.

Quarterly revenue dropped 6.36% to RM581.24 million from RM620.72 million in 3QFY18.

For the nine-month period, net loss stood at RM24.62 million, versus a net profit of RM64.22 million in the previous year, while revenue fell to RM1.76 billion from RM1.82 billion previously.