Pos Malaysia posts encouraging quarter, transformation journey starting to yield results

POS Malaysia Bhd has delivered a profit the first time in 15 consecutive quarters, despite a continued challenging operating environment.

In the three months ended June 30, 2022, the national postal service provider posted a profit before tax of RM200,000, reversing a pre-tax loss of RM29.9 million in the preceding quarter.

For the same quarter, it posted a revenue of RM517.3 million, up 6.8% compared to the previous quarter’s RM484.3 million.

For the first six months, Pos Malaysia registered a pre-tax loss of RM29.7 million, much improved from the RM165.5 million pre-tax loss achieved in the same period a year ago.

In a statement released yesterday, Pos Malaysia said the improved performance was due to better customer mix and yield and effective cost management, which resulted in lower transportation and delivery costs.

Pos Malaysia group CEO Charles Brewer said he was confident that Pos Malaysia is on the right track to achieve a better performance.

“The transformation journey we embarked upon 12 months ago is starting to yield positive results and we fully recognise we still have much to do.

“We will continue to be laser-focused on executing our strategy, focusing on having safe, very happy and engaged employees, delivering a great service and delighting our customers,” he said.

In addition to seeing improving results from its mail and parcel businesses, the aviation and logistics segments are also seeing signs of recovery while the outlook remains positive.

Brewer said he is cautiously optimistic that its financial performance for financial year 2022 (FY22) will show continued improvement compared to FY21.

“We will continue to focus on delivering a profitable parcel and retail business, transforming the core operation, optimising for margin-led businesses and ensuring we are well-placed for a better future,” he said.

With the ongoing economic uncertainties and changing consumer behaviour, Pos Malaysia said it expects the second half of the year to be equally challenging.

As a result, the company will continue to focus on a balanced execution of good customer mix, improving yields, managing costs, whilst delivering a market-leading service and ensuring an optimum customer experience at every touch point. — TMR