KUALA LUMPUR: Pos Malaysia Bhd, which posted a smaller net loss of RM123.2mil in the fourth quarter ended Dec 31, 2021 (4Q21), remained cautiously optimistic of its financial performance in FY22.

       “We remain cautiously optimistic of our financial performance for the financial year 2022 by capitalising on opportunities, whilst transforming and strengthening our core.

       “We project growth in the financial year 2022 in our retail, international, logistics and aviation businesses with the opening up of businesses and borders supported by increased demand for consumer products, manufacturing parts and cargo volume,” Pos Malaysia said in the notes accompanying its financial results.

       It said the aggressive competition from new entrants and insourcing of logistics from the shopping platforms are expected to impact the performance of its courier business while the mail business is expected to continue to decline on the back of growing digitalisation.

       “We are on-track with our turnaround and transformation initiatives aimed at improving service levels and cost efficiencies, increasing yields and focusing on incremental volume gains from the business-to-consumer, direct-to-consumer and business-to-business segments,” Pos Malaysia said.

       In 4Q21, Pos Malaysia’s revenue fell about 3% to RM528.59mil against RM544.63mil in the same period a year earlier.

       For the financial year ended Dec 31, Pos Malaysia recorded a higher loss before tax of RM331.4mil compared to RM303.5mil last year.

       It said the higher loss was mainly due to lower revenue by RM138.2mil and impairment of property, plant and equipment of RM53.1mil but softened by no further impairment on goodwill as opposed to RM123.3mil impaired last year.