The national courier service provider said the proposed disposal of the shipping agency would allow Pos Malaysia to unlock and realise the value of its investment in PNSL, which represents part of its non-core business.

“The proceeds to be raised from the proposed disposal are expected to strengthen the cash flow position of the group and contribute positively to the future earnings of the group,” it said.

Meanwhile, in a separate filing, Pos Malaysia reported a narrower net loss for the first quarter ending March 31, 2024 (Q1 2024) at RM19.69 million, down 29% from RM27.66 million a year ago.

The company said in a filing with Bursa Malaysia today that its revenue rose 2% to RM491.97 million from RM482.27 million previously.

The company said that for the first quarter of 2024, the Pos Malaysia group increased its sales by 2% to RM492 million compared with the same quarter in 2023.

“Our improved earnings are mainly explained by improved results across our mail and parcel business, with both delivering increased volumes in Q1 2024 versus Q1 2023.

“That said, the postal and parcel market is still an incredibly challenging environment, and we will continue to focus on our transformation, our margin-led new businesses, and capacity management to ensure we have a foundation for continued progress throughout this year,” it added.

In other sectors, it said, Pos Aviation anticipates continued growth due to increased demand for inflight catering and cargo services while the indirect wholly-owned unit Pos Logistics continues with its transformation, placing more emphasis on the automotive sector, third-party logistics, and warehousing.

“We remain cautiously optimistic that the group will deliver improved results in 2024,” it said.

At the close of trading, Pos Malaysia’s share price was unchanged at 47 sen, giving the company a market capitalisation of RM363.99 million.