Pos Malaysia Bhd's share price has currently declined to its lowest level in 17 years.
This is following the company stating that the net loss for the second quarter recorded a significant increase to RM121.84 million compared to RM19.02 million in the same period last year.
At 10.03am, Pos Malaysia shares traded 3.09% or 2.5 sen lower at 78.5 sen.
At 78.5 sen, Pos Malaysia has a market value of around RM614.48 million based on the company's 782.78 million issued shares.
In addition, the company's revenue also declined to RM533.89 million in the second quarter ended June 30, 2021 compared to RM606.08 million last year.
Pos Malaysia explained that the weak performance was due to low revenue in the postal segment which dropped 9% due to the decline in postal services.
The factor was also influenced by the reduction in the quantity of letters and parcel shipments handled mainly from contract customers.
Pos Malaysia's net loss showed an increase of RM168.63 million from RM68.24 million recorded in the previous year.
Meanwhile, the company's revenue fell to RM1.13 billion from RM1.16 billion.
