KUALA LUMPUR: Pos Malaysia Bhd’s net loss narrowed to RM27.66 million in the first quarter ended March 31, 2023 (Q1 FY2023) from RM30.37 million in the same quarter last year.
The national post and parcel service provider attributed the improved performance to its market-leading service offerings, better customer mix and yield, and continued effective cost management.
In a filing with Bursa Malaysia today, Pos Malaysia said its revenue slid to RM482.27 million in Q1 FY2023 from RM484.35 million previously.
This was attributed to its postal business which saw revenue fall by 13% year-on-year, primarily due to a drop in its courier business.
“(This was the result of) the decrease in overall parcel volume consequent to increased insourcing by e-commerce market players, shifting of demand from online shopping to brick-and-mortar purchases, and heightened competition from other courier players,” it said.
In a separate statement, group CEO Charles Brewer said that compared to Q1 FY2022, Pos Malaysia’s performance had improved across all dimensions.
“In part, the improvement can be attributed to solid cost control measures and improving productivity, but also a reflection of market share gains and ongoing yield improvement programmes in the courier sector,” he said.
Brewer said despite the challenges, the group remained cautiously optimistic to deliver improved results in 2023.
