Pos Malaysia’s FY21 net loss widens to RM336m

by BERNAMA / pic by TMR FILE

POS Malaysia Bhd’s net loss for the financial year ended Dec 31, 2021 (FY21), widened to RM335.73 million compared to a net loss of RM308.02 million in FY20. 

Revenue declined to RM2.19 billion from RM2.33 billion previously, the group said in a filing to Bursa Malaysia yesterday. 

It said the postal segment’s revenue was down 12% primarily contributed by the drop in postal services following the decrease in mail and parcel volume handled especially from contract customers. 

The group also said the higher loss registered for the postal segment was contributed by a mutual separation scheme of RM75.1 million compared to RM41.6 million provided in FY20. 

Meanwhile, the logistics segment registered 10% higher revenue of RM345.9 million during the year mainly from freight management business (especially from freight forwarding) and automotive business (largely from commencement of new warehouses during the year). 

Besides, its aviation segment contributed 33% higher revenue of RM216.1 million mainly from increased contribution from higher cargo tonnage handled. 

Other segments which consist mainly of printing and insertion, digital certificates and Ar-Rahnu, recorded RM111.7 million revenue during the current year, lower by 5% against FY20. 

On future prospects, the group remains cautiously optimistic of its financial performance for FY22 by capitalising on opportunities, while transforming and strengthening its core. 

It anticipates growth in FY22 in its 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.