PETALING JAYA: Pos Malaysia Bhd’s net loss widened to RM43.9mil for the third quarter ended Sept 30, 2021 (Q3’21) from RM7.4mil in Q3’20.

       During the period in review, its revenue fell 13.9% to RM536.3mil from RM623mil in Q3’20, and its loss per share widened to 5.61 sen from 0.95 sen.

       Year-to-date, Pos Malaysia’s net loss widened to RM212.5mil from RM75.7mil in the nine months to September 2020 on lower contribution from the postal segment.

       For the nine months in review, its revenue fell to RM1.67bil from RM1.79bil in the corresponding period last year.

       While contribution from the postal segment was lower, Pos Malaysia saw growth in the logistics and aviation segments.

       Pos Malaysia group chief executive officer Charles Brewer said despite the continuing Covid-19 challenges, the group has begun to see the signs that its turnaround plan was starting to deliver.

       Pos Malaysia van

       “We are redoubling our efforts to turnaround the business, address ‘foundational’ service gaps and to transform our business to position Pos Malaysia as the provider of choice for e-commerce parcels, while carefully managing expenses, cash flow and liquidity,” he said in a statement.

       For the nine months to September, Pos Malaysia said there was a decrease of revenue in the postal segment by 13%, primarily due to decrease in mail and parcel volume handled especially from contract customers.

       Apart from the lower revenue generated, higher loss registered for postal segment was contributed by impairment of property, plant and equipment during the period, it said.

       The logistics segment saw a 12% rise in revenue, driven by its freight management business and automotive business (largely from the increased number of vehicles shipped and commencement of a new warehouse).

       The logistics segment, on the other hand, saw a turnaround, with all businesses from automotive, marine and freight management recording improved profitability compared to the corresponding period last year.

       Meanwhile, the aviation segment contributed higher revenue by 21% at RM152.1mil mainly from increased contribution from higher cargo tonnage handled and increased number of flights.