Pos Malaysia Berhad (Pos Malaysia) announced consolidated revenues of RM581.2 million for the third quarter of this financial year, a decrease of 6.4% compared to its revenue of RM620.7 million recorded in the corresponding period last year.
THIS decrease was mainly due to the decline in revenue from Postal Services due to double digit decline in mail volume, and Logistic business due to the end of a major project.
The Group also registered a loss before tax of RM18.7 million compared to a profit before tax of RM21.9 million for the corresponding period in the previous financial year.
“Operating conditions remain challenging for the Pos Malaysia Group as a whole. The traditional mail business which is part of our universal postal services obligation for the government continues to be saddled with high operating costs and increased migration onto electronic and digital media by commercial customers.
We continue to work with the government and our regulator to agree on a pricing mechanism to partly offset our universal obligation cost.” said Pos Malaysia Berhad’s Group Chief Executive Officer, Syed Md Najib Syed Md Noor in relation to Pos Malaysia Berhad’s Q3FY2019 financial results.
He added, “We have embarked on a multi-pronged retail transformation program to revamp the postal network in order to build a sustainable universal service business model that will balance the needs of the Rakyat with our obligations to stakeholders and shareholders alike.
The transformation will involve right-sizing our postal infrastructure, introduction of digital technology for self-service applications and the expansion of our parcel processing capacity.
We are also investing in automation and digital platforms to increase operational efficiency and offer customers a higher level of convenience with a more satisfying customer experience.”
