Pos Malaysia Bhd suffered a loss in the second quarter ended June 30, 2024, increasing to RM55.92 million from RM27 million last year.
Revenue fell to RM443.43 million from RM465.20 million due to lower income in the postal and logistics segment.
For the second half of 2024, net loss increased to RM75.61 million from RM54.67 in the previous year, while revenue was lower from RM947.47 million to RM935.40 million.
Pos Malaysia informed Bursa Malaysia that the postal segment's revenue declined 10 percent due to lower bulk mail and international volumes in the quarter.
The aviation segment recorded revenue of RM88.0 million from RM73.1 million due to increased food volume in the airline catering business.
The segment will also focus on domestic expansion and leverage its efforts with SIA Engineering Company Ltd.
The cargo control and e-commerce warehousing businesses ensured profits were achieved before tax was reduced, while other segments grew rapidly due to a surge in digital certificate sales.
Chief Executive Officer Charles Brewer said the challenging market environment was a factor in the company's weak second-quarter performance, especially in the parcels segment.
Brewer said Pos Malaysia remained confident and cautious about its annual performance and was committed to a margin-based business, cost management and the use of digital technology.
Pos Malaysia will improve its services, namely Pos Fulfil, Redly Express, Pos Shop and create an 'omnichannel' customer experience.
