Revenue was down 4.7% to RM443.43 million from RM465.2 million previously attributed to lower revenue in the postal and logistics segments.
For the second half of 2024 (H2 FY2024), its net loss widened to RM75.61 million from RM54.67 million net loss in the previous year, while revenue was lower at RM935.4 million from RM947.47 million.
Pos Malaysia said in a filing with Bursa Malaysia today that the postal segment revenue declined by 10% due to a drop in bulk mail volume handled and lower international volume during the quarter.
The logistics segment also registered lower revenue at RM67.2 million compared to RM79.9 million in the second quarter of 2023 (Q2 FY2023).
“The decrease is mainly due to the lower volume handled from the automotive and freight management business,” it said.
However, the aviation segment contributed higher revenue of RM88 million compared to RM73.1 million in Q2 FY2023 mainly attributable to the in-flight catering business with a higher number of meals uplifted.
“Despite the higher revenue, profit before tax was lower due to higher operating costs related to the cargo handling business and e-commerce warehousing,” it said, adding that other segments continue to grow with an increase in revenue primarily contributed from the sales of digital certificates.
In a separate statement, its group CEO Charles Brewer attributed the slower-than-expected Q2 2024 performance to the continued challenging market environment, specifically related to the parcel segment.
“Despite the headwinds faced in Q2, Pos Malaysia remains cautiously optimistic about its financial performance for the full year.
“Pos Malaysia is committed to its transformation plan, which includes accelerating margin-led businesses, continued cost and capacity management, and adopting digital technologies,” he said.
On its prospects, for the retail segment, Pos Malaysia said it will focus on doubling down on its newer value creators like Pos Shop, Pos Fulfil, and Redly Express, while also creating an omnichannel customer experience.
“For the logistics segment, the focus remains on expanding into new industry segments and expanding market share in the attractive automotive sector,” it said.
As for the aviation segment, it said the focus will be on domestic expansion and leveraging the recent joint venture with SIA Engineering Company Ltd.
At the close of trading, Pos Malaysia’s share price was unchanged at 37.5 sen, giving the group a market capitalisation of RM294 million.