This is due to improved customer segmentation that resulted in better yields, and effective efforts in managing and optimising its assets

POS Malaysia Bhd has narrowed its net losses for the financial year ended Dec 31, 2022 (FY22), partly due to improved customer segmentation resulting in better yields, and effective efforts in managing and optimising its assets.

In an exchange filing yesterday, the national post and parcel service provider said its net loss for FY22 stood at RM167.67 million, down 50% from the previous year. This was achieved on RM1.96 billion in turnover, down 11% from a year earlier.

At RM1.24 billion, the postal segment was the largest contributor to its FY22 revenue followed by logistics (RM335.57 million) and aviation (RM254.94 million).

Postal revenue in FY22 was lower 19% primarily due the drop in courier business following the decrease in overall parcel volume especially from contract customers, it said.

In addition, it said major e-commerce players leveraged on their insourced delivery capabilities while international players pursued penetration strategies to capture higher market share in courier business.

For the fourth quarter ended Dec 31, 2022, it posted a net loss of RM98.42 million, down 20% from the same period a year earlier, on a turnover of RM467.2 million.

In a statement, Pos Malaysia group CEO Charles Brewer said the company continued to make solid progress with the transformation plan that it embarked on in August 2021.

“Even in an increasingly volatile and uncertain macroeconomic environment, we were able to maximise yields and efficiently sweat our assets.

“While 2022 was marred by extraordinary challenges — high inflation, a continued acceleration of insourcing by larger e-commerce platforms and a return of consumers to brick-and-mortar stores — I thank the Pos Malaysia team who has worked doubly hard this year in staying the course of our transformation journey,” he said.

Brewer said the company remains fully focused on its transformation plan and despite the challenges, the company remains cautiously optimistic that it will deliver improved results in 2023. — TMR