Pos Malaysia Top Loser As 3Q Net Profit Falls 72%

Pos Malaysia Top Loser As 3Q Net Profit Falls 72% - Pos Malaysia Bhd shed as much as 5% in early trade after reporting a 72% net profit profit in the third quarter ended Dec 31, 2017.

The postal group saw its shares lost 27 sen, or 5.41% to RM4.72, making it the top loser so far today.

Pos Malaysia’s net profit fell 72% to RM9.48mil year-on-year for the third quarter ended Dec 31, 2017 (3QFY18) against RM33.41mil last year.

The group was hit by lower revenue coupled with higher operational costs in 3QFY18.

Pos Malaysia said its postal services segment registered lower revenue of RM170.1mil compared with RM187.1mil last year due to the decline in traditional mail volume coupled with lower transactions in retail segment from bill payments, insurance commission as well as reduction in commission rate of unit trust.

For the first nine months to Dec 31, 2017, Pos Malaysia reported a net profit of RM64.2mil on revenue of RM1.81bil.