Friday 29 Mar 2024
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KUALA LUMPUR (Nov 16): Pos Malaysia Bhd's net loss for the third quarter ended Sept 30, 2021 (3QFY21) widened to RM43.9 million year-on-year (y-o-y) from RM7.43 million, amid lower revenue and higher finance costs.

The group, which has been loss-making since 2QFY19, said in a bourse filing that its quarterly revenue fell 13.93% to RM536.26 million from RM623.03 million a year ago. The group did not declare any dividend for the latest quarter.

Compared with the immediate preceding quarter of 2QFY21, the group's net loss narrowed about 64% from RM121.84 million, while revenue grew 0.54% from RM533.89 million.

For the nine months ended Sept 30, 2021, the group's cumulative net loss grew 180.9% to RM212.52 million from RM75.67 million a year earlier on the impairment of property, plant and equipment during the period, while revenue slipped 6.7% to RM1.67 billion from RM1.79 billion.

According to the group, as the Covid-19 situation improves with both physical stores and malls reopening, there will be some short-term uncertainties in the e-commerce parcel sector, excluding the seasonal spikes during the 10.10, 11.11 and Christmas shopping peaks.

That said, it said the management is increasingly confident that its turnaround plan is starting to show improvements, and that the group should see improved results by year end.

Having said that, the group remains cautious about its financial performance for the remaining financial year ending Dec 31, 2021.

"As we head into 2022, Pos Malaysia will continue executing its turnaround initiatives, improving both its service and its efficiency, in order to create the platform to capitalise on the ongoing e-commerce growth opportunities," it added.

Pos Malaysia shares closed unchanged at 78.5 sen on Tuesday, valuing the group at RM602.73 million.

Year-to-date, the counter has fallen 32.33%.

Edited ByTan Choe Choe
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