KUALA LUMPUR: Pos Malaysia Bhd reported a net loss of RM55.9 million for the second quarter of the financial year 2024 (2QFY25).
Group revenue fell to RM443 million this quarter from RM465 million in the previous year, down 4.7 per cent.
Pos Malaysia group chief executive officer Charles Brewer attributed the weaker-than-expected performance in 2Q to ongoing challenges in the parcel segment.
Despite these difficulties, he remains cautiously optimistic about the company's full-year financial performance.
In a statement today, Brewer said Pos Malaysia is committed to its transformation plan.
This includes focusing on margin-led businesses, managing costs and capacity, adopting digital technologies, improving the end-to-end customer experience, fostering sustainable growth and creating value for all stakeholders.
"We continue to make solid progress in executing our transformation strategy.
"Pos Malaysia's operations are resilient and with our transformation initiatives well under way, we are confident in our ability to deliver improved results for the full year as we continue to focus on driving growth, enhancing operational efficiency, and creating long-term value for our shareholders," Brewer said.
He added that for Pos Malaysia's core business, the company aims to capitalise on the opportunities presented by the e-commerce parcel segment, supported by its market-leading service standards and ongoing expansion of innovative products and services.
Brewer said Pos Malaysia will intensify efforts to scale up its newer ventures, including Pos Shop, Pos Fulfil and the international venture redlyexpress.
This approach is crucial to mitigate the risks associated with the decline in traditional mail and the highly competitive parcel segment.
"Since launching our first Pos Shop convenience store at Jalan Medan Tuanku, Kuala Lumpur in May 2023 as part of Pos Malaysia's retail transformation strategy, we have now opened 31 stores across Peninsula Malaysia to-date, with an aggressive plan to expand to 50 outlets in total by the end of 2024," he added.