Pos Malaysia Q1 net profit falls to RM4.98 mil

KUALA LUMPUR: Pos Malaysia Bhd’s net profit fell 86.13% year-on-year (y-o-y) to RM4.98 million for the first quarter ended June 30, 2018 (Q1) from RM35.88 million previously.

Revenue also declined 3.46% y-o-y to RM590.46 million from RM611.63 million previously.

In a filing with Bursa Malaysia today, Pos Malaysia attributed the weaker performance for the period under review to the lower revenue from its postal services and logistics segments.

“Mail volume decreased by 10% y-o-y, which resulted in an 11% drop in revenue for the postal services segment, while pre-tax profit declined to RM13 million from RM43 million previously,” it said.

Meanwhile, Pos Malaysia group CEO Al-Ishsal Ishak said the courier segment registered a double-digit growth with revenue increasing by 13% y-o-y in Q1.

He said the company would continue to invest in technology and business process optimisation initiatives to improve the Pos Laju omni-channel customer experience.