Pos Malaysia posts 20% drop in profit

Pos Malaysia posts 20% drop in profit

Friday, 22 May 2015
By: M. HAFIDZ MAHPAR

[size=16]KUALA LUMPUR: Lower mail volume hit Pos Malaysia Bhd’s performance for the financial year ended March 31, 2015, leading to a 20.1% fall in net profit to RM127.05mil despite revenue growing 4.7% to RM1.49bil.

In its unaudited financial report to Bursa Malaysia on Friday, the postal service provider said the courier segment overtook mail as its biggest profit contributor during the year after operating profit from the latter segment plunged by almost half (44.8%) to RM79.5mil.

“The underlying trend reflected lower mail volume from prepaid and ordinary mail segments, which accounted for approximately 86% of the total mail volume. This has also taken into consideration the one-off surge in mail volume last year arising from the 2013 general election,” Pos Malaysia said.

Net profit for the fourth quarter plunged 61.9% year-on-year to RM19.903mil - the lowest quarterly profit during the financial year - with worse profit performance from every main segment: mail, courier and retail.

Pos Malaysia closed at RM4.94, down 2 sen, on Friday.[/size]