KUALA LUMPUR: Pos Malaysia Bhd widened its net loss to RM49.89 million in the third quarter ended Sep 30, 2024 (Q3 2024) dragged by lower revenue in the logistics and postal segments.
The postal company reported a net loss of RM33.34 million in Q3 2023.
Revenue for the quarter under review also slipped to RM458.96 million from RM461.71 million a year ago.
The postal segment logged a 13 per cent decline due to the drop in bulk mail volume handled and lower international volume during the quarter.
Pos Malaysia said Pos Logistics faced challenges in the quarter under review due to unrealised foreign exchange losses.
The company said the segment is actively pursuing new business opportunities and expanding its market share in the automotive sector, alongside enhancements to its freight forwarding services.
Logistics segment registered lower revenue at RM69.6 million compared to RM75.0 million in Q3 2023 mainly due to the automotive and freight management business which was affected by the lower volume handled and change in pricing mechanisms.
"Whilst still a very challenging environment, we are pleased to see improvements across our key segments, particularly in postal and aviation, as we continue to execute our transformation strategy. "
"Our team's dedication to innovation and operational excellence is positioning us for a stronger future, and despite the environment we remain focused on delivering a 'better tomorrow'," POS Malaysia group chief executive officer Charles Brewer.
For the cumulative nine-month period, its net loss widened to RM125.5 million compared to RM88.01 million in the same period last year.
It posted a lower revenue of RM1.39 billion compared to RM1.41 billion a year ago.
The company's stock was down five per cent to 26.5 sen, giving it a market capitalisation of RM207.3 million.