KUALA LUMPUR (Nov 20): Pos Malaysia Bhd (KL:POS) continued its quarterly streak in the red, posting a wider net loss for the third quarter on lower postal and freight volume, and higher other and tax expenses.
Net loss for the quarter ended Sept 30, 2024 (3QFY2024) expanded 49.6% to RM49.89 million from RM33.34 million in the same quarter a year earlier, according to the group’s bourse filing on Wednesday.
The national postal group has been loss-making since 3QFY2018.
Revenue for 3QFY2024 was largely flat at RM458.96 million compared with RM461.71 million in 3QFY2023 on the postal and logistics segments' lower volume handled offset by the aviation segment’s higher number of in-flight meals served.
Pos Malaysia did not declare any dividend for the quarter under review.
The group’s net profit was dragged by other expenses of RM10.98 million versus a reversal of RM1.09 million in 3QFY2023, and higher taxes of RM8.94 million as compared to RM4.5 million previously.
For the nine months ended Sept 30 (9MFY2024), net loss swelled to RM125.5 million, nearly 43% wider against RM88.01 million registered in the same period last year. Cumulative revenue dipped 1.05% to RM1.39 billion from RM1.41 billion.
Going forward, Pos Malaysia noted that its postal segment is seeing increased parcel volumes on the back of market share gains, while its aviation segment is expected to deliver improved year-on-year results, driven by rising demand for in-flight catering, cargo handling and aviation engineering.
Shares in Pos Malaysia ended unchanged at 28 sen, valuing the group at RM219.2 million.