Friday 29 Mar 2024
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KUALA LUMPUR (Feb 22): Pos Malaysia Bhd reported a net loss in the fourth quarter ended Dec 31, 2021 (4QFY21) of RM123.21 million against a net loss of RM232.35 million in the same period last year (4QFY20) due to lower finance costs and expenses. Loss per share reduced to 15.74 sen from  29.68 sen.

In a Bursa Malaysia filing on Tuesday (Feb 22), the postal services company said its quarterly revenue slid by 2.94% to RM528.59 million from RM544.63 million in 4QFY20.

For the full year ended Dec 31 (FY21), net loss widened to RM335.73 million from RM308.02 million in the previous year (FY20), underpinned by lower revenue and impairment of property, plant and equipment of RM53.1 million.

Annual revenue declined by 5.92% to RM2.19 billion from RM2.33 billion in FY20 amid lower revenue contribution from its postal services.

On a quarterly basis, the group’s net loss swelled from RM43.90 million in the immediate preceding quarter (3QFY21) while revenue fell by 1.43% from RM536.26 million in 3QFY21.

Moving forward, the group said it remains cautiously optimistic on its financial performance this year as it capitalises on opportunities, while transforming and strengthening its core.

“We project growth in FY22 in our retail, international, logistics and aviation businesses with the opening up of businesses and borders supported by increased demand for consumer products, manufacturing parts and cargo volume.

“While the e-commerce sector in Malaysia is expected to continue growing in financial year 2022, the relaxation of movement restrictions has dampened its growth rate as consumers now have the choice to shop physically at stores.

“Aggressive competition from new entrants and insourcing of logistics from the shopping platforms are expected to impact the performance of our courier business,” it said.

The group said it remains on track with its turnaround and transformation initiatives aimed at improving service levels and cost efficiencies, increasing yields and focusing on incremental volume gains from the business-to-consumer (B2C), direct-to-consumer (D2C) and business-to-business (B2B) segments.

“We are making good progress with our initiatives, with service levels at an all-time high, on top of steady improvements in all key operational building blocks and business drivers.”

Shares in Pos Malaysia ended 2.5 sen or 3.55% lower to 68 sen on Tuesday (Feb 22), valuing the group at RM532 million.

Edited ByPauline Ng
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