Pos Malaysia Berhad, the national post and parcel service provider, has announced its Q1, 2023 results with an improvement of 18.6% in loss before tax, versus the same period last year.
The Group’s revenue totaled RM482.3 million in the quarter, a decrease of 0.4% (versus same period last year) and loss before tax totaled RM24.3 million. These results follow from a 50.0% full year net loss improvement last year versus 2021.
Faced with continued industry-wide challenges related to macro-economic uncertainty, intense competition, insourcing and ‘masking’ by the larger e-commerce platforms, Pos Malaysia attributed its improved performance to market leading service offerings, better customer mix and yield, and continued effective cost management.
Pos Malaysia Berhad’s Group Chief Executive Officer, Charles Brewer said: “Our turnaround workstreams and transformation roadmap is progressing well, and compared to the first quarter of last year, Pos Malaysia has improved across all dimensions. In part the improvement can be attributed to solid cost control measures and improving productivity, but also a reflection of market share gains and ongoing yield improvement programs in the courier sector.”
“While we will continue to focus on adapting and transforming the business to this challenging and changing environment, the Group remains forward-looking. We are focused on technology, the customer journey, and sustainability for a greener and cleaner future, delivering a business model that is both employee, customer, and planet centric. Despite the challenges, we remain cautiously optimistic that the Group will deliver improved results in 2023,” said Brewer.