KUALA LUMPUR: Pos Malaysia Bhd recorded a 89% drop in net profit to RM3.48mil for the second quarter ended Sept 30, 2015, compared with RM33.99mil it posted a year ago.
However, revenue was 7.3% higher at RM398.8mil against RM371.67mil in the same period last year.
In its filing with Bursa Malaysia, the company said its performance was due to lower profits from the mail and retail segments driven by higher transportation cost for the transhipment business and recognition of expired postal order in the previous corresponding period.
The mail segment registered higher revenue of RM208.4mil compared with RM171.2mil due to higher revenue in transhipment business.
In the courier segment, revenue was higher at RM133.5mil, driven by increased in demand from e-commerce.
Whereas the retail segment saw lower revenue of RM48.7mill compared with RM72.2mil a year ago due to recognition of expired postal order.
The other segment, which consists of digital certificates and printing and insertion registered lower revenue by RM8.19mil due to lower business volume.
For the first half, Pos Malaysia posted a 57% drop in net profit to RM26.22mil compared with RM61.1mil in 2014. Revenue was 6.6% higher at RM789.17mil against RM740.46mil in the first half of 2014.
The mail and courier segments recorded higher revenue while the retail and other segment posted lower revenue.
Pos Malaysia said its revenue growth was mainly driven by the growth in products and services related to e-commerce, namely courier, small packets and parcels products.
“Although the e-commerce growth trend is expected to have long term potential, the softening near term economic and market sentiments are expected to be challenging for the group’s prospects,” it said.
