Pos Malaysia “cautiously optimistic” about financial performance for FY2022
Pos Malaysia Berhad has announced it delivered a profit the first time in 15 consecutive quarters, despite a continued challenging operating environment.
In the three months ended June 2022 (Q2 FY2022), the Group posted a profit before tax (PBT) of RM0.2 million, reversing a loss before tax (LBT) of RM29.9 million in the preceding quarter (Q1 FY2022). Its Q2 FY2022 revenue came in at RM517.3 million, an increase of 6.8% compared to the previous quarter’s RM484.3 million.
Looking at the six months that ended 30 June 2022 (H1 FY2022), Pos Malaysia registered a LBT of RM29.7 million, an 82.1% improvement from the RM165.5 million LBT achieved a year ago.
Pos Malaysia attributed its improved performance to better customer mix and yield, and effective cost management, which resulted in lower transportation and delivery costs.
Pos Malaysia Berhad’s Group Chief Executive Officer, Charles Brewer said, “We are confident that Pos Malaysia is on the right track to achieve a better performance. I am extremely proud of every Pos Malaysia employee, and for their continued dedication, passion and commitment. We have the best delivery service in Malaysia and the broadest last-mile reach, connecting to more than 10 million addresses across all of Malaysia.
“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,” said Brewer.
In additional to seeing improving results from its mail and parcel businesses, the aviation and logistics segments are also seeing signs of recovery while outlook remains positive.
“We are cautiously optimistic that our financial performance for FY2022 will show continued improvement as compared to FY2021. 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,” Brewer said.
With the ongoing economic uncertainties, changing consumer behaviour Pos Malaysia expects the second half of the year to be equally challenging, and as a result 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.