Pos Malaysia Berhad announced an improvement of 17.1% in losses before taxation at RM140.7 million for the financial year 2023 compared to the same period in 2022, despite a 4.6% decrease in revenue to RM1.87 billion.
For the fourth quarter ended 31 December 2023, the Group reported a revenue of RM461.6 million, marking a marginal decline of 1.21% compared to the corresponding quarter in the previous year. However, the Group managed to narrow its fourth quarter losses before tax to RM66.5 million, representing a significant improvement of 35.9% compared to the fourth quarter of 2022
The national courier in its report stated the cyclical nature of its business, intricately tied to economic fluctuations, a host of challenges persist. These include navigating through macroeconomic uncertainties, grappling with a resurgence of consumer preference for physical shopping, contending with fierce competition within the parcel market, and confronting the in-sourcing and masking by major e- commerce platforms.
Group Chief Executive Officer, Charles Brewer said, “As we confront these challenges head-on, we take pride in our year-on-year financial improvements fuelled by enhanced yields, asset optimisation, stringent cost management, and the successful execution of our transformation plan.
Brewer added that despite the challenges, he remains optimistic, anticipating improved results for the Group in 2024.
