The group attributed its improved performance to better customer mix and yield, and effective cost management, which resulted in lower transportation and delivery costs.

In Q1 2022, it reported a loss before tax (LBT) of RM29.9 million.

For the quarter under review, its revenue stood at RM517.3 million, a 6.8% increase from RM484.3 million reported for Q1.

For the first half of the year, Pos Malaysia reported an LBT of RM29.7 million, an improvement from an LBT of RM165.5 million reported for the corresponding period of the previous year.

Group CEO Charles Brewer expressed confidence that the group is on the right track to achieve a better performance.

“The transformation journey we embarked upon 12 months ago is starting to yield positive results but we fully recognise that we still have much to do,” he said in a statement.

“We will continue to be laser-focused on executing our strategy, focusing on having safe, very happy and engaged employees, delivering a great service and delighting our customers,” he said.

Brewer pointed out that Pos Malaysia is also seeing improvements in its mail and parcel businesses. Its aviation and logistics segments are also seeing signs of recovery.

“Moving forward, we are cautiously optimistic that our financial performance for FY2022 will show continued improvement compared to FY2021.”

He said the group will focus on delivering a profitable parcel and retail business, transforming its core operation, optimising for margin-led businesses for a better future.

Nonetheless, with the ongoing economic uncertainties and changing consumer behaviour, Pos Malaysia expects the second half of the year to be equally challenging.

It will continue to focus on a balanced execution of good customer mix, improving yields, managing costs, whilst delivering a market-leading service, and ensuring an optimum customer experience at every touch point.