UNI Apro Post & Logistics
1 POSTAL NEWS No 67-2022
Formulated by UNI Apro Post and Logistics Sector
1.Australia Post delivers record revenue, while growing letters losses weigh on FY22 results. August 26, 2022.
2.Thousands of extra parcel deliverers to join PostNL’s own payroll. August 25, 2022.
3.Royal Mail launches new training programme to develop future leaders. August 24, 2022.
4.Major FedEx Ground contractor to stop delivering if agreement isn’t reached by Black Friday. August 23, 2022.
5. 2022 Contract Update #6. August 23, 2022.
1.Australia Post delivers record revenue, while growing letters losses weigh on FY22 results August 26, 2022
Performance for the full year to 30 June 2022
Group revenue $8.97 billion, up 8.5 per cent from FY21
▪ Group profit before tax $55.3 million, down 45.1 per cent from $100.7 million in FY21
▪ Letters revenue $1.8 billion, down 0.6 per cent on last year (or down 4 per cent excluding Census and Federal Election)
▪ Letters losses increased to $255.7 million, up 24.3 per cent from FY21
▪ Parcels and Services revenue $7.2 billion, up 11.0 per cent on last year
▪ Estimated cost of delivering Community Service Obligations: $348.5 million
▪ Invested $427 million including new parcel facilities, fleet and technology
Australia Post today announced full year Group revenue of $8.97 billion, up 8.5 per cent from FY21, which was driven by strong first-half parcels revenue, while in the second half eCommerce returned to normal growth rates and the underlying decline in letters volume continued. Full year Group profit before tax of $55.3 million, including letters losses of $255.7 million, was supported by sales of surplus assets and revaluations, as well as favourable bond rate movements. After a strong first-half profit, the second half incurred a loss of $144.5 million, which is considerably higher than in previous years.
Elevated volume-related costs and COVID-19 related workforce impacts saw operational costs increase by 9.2 per cent on last year, some of which is expected to remain in FY23.
More than $1 billion has been invested by Australia Post over three years to better service customers, with $427 million invested in new parcel facilities, fleet and technology in FY22. Australia Post invested an additional $17.1 million into the Licensed Post Office Network, bringing the total paid to Licensees in FY22 to $536.6 million, supporting the important role of Post Offices in communities across Australia. In FY22, Australia Post paid a total of $661 million in taxes and other government charges.
More than $1 billion has been invested by Australia Post over three years to better service customers, with $427 million invested in new parcel facilities, fleet and technology in FY22. Australia Post invested an additional $17.1 million into the Licensed Post Office Network, bringing the total paid to Licensees in FY22 to $536.6 million, supporting the important role of Post Offices in communities across Australia. In FY22, Australia Post paid a total of $661 million in taxes and other government charges.
Letters Underlying letters volumes, excluding those related to Census and Federal Election, were down 4.0 per cent on last year. With falling letter volumes and an ever-increasing number of delivery points to service, losses in this business are expected to continue into the future, and at an accelerated rate. The typical household today receives only one letter every two days, with 97 per cent of letters sent by business or government agencies. The increasing adoption of digital communications will continue to reduce volumes. Yesterday a draft notification was provided to the Australian Competition and Consumer Commission (ACCC) proposing to increase the Basic Postage Rate (BPR) from $1.10 to $1.20, effective January 2023. The proposed increase would be the first since January 2020, and will help Australia Post continue to provide essential mail services for all Australians. This proposed change will not affect the $0.60 concession rate or the $0.65 Christmas and seasonal greetings rate.
Operations Australia Post has continued to address rising costs through realising $207.3 million in business and operational efficiencies. Group expenses increased 9.2 per cent driven by additional costs associated with the pandemic, as well as limited domestic and global air transport capacity, which resulted in higher costs for airfreight services.
Group Chief Executive Officer and Managing Director Paul Graham said that, despite the growing headwinds, this was a solid result. “I am immensely proud of how our people have met the challenges of a global pandemic and still delivered essential services to all Australians,” Mr Graham said. “Not only did our team work tirelessly to keep themselves and their communities safe, but this was achieved in an environment of evolving restrictions. I’m pleased we were able to deliver a record number of parcels and expand our range of services, connecting all Australians during this difficult time. “While it’s clear more Australians are buying goods online following the pandemic, we don’t expect to see the same level of eCommerce growth. This has been demonstrated in our second-half results and, going forward, we anticipate growth to be moderate. “Despite the significant financial headwinds, we are focusing on business efficiencies, while continuing to invest in our network and technology, to better meet the needs of our customers.” During FY22, Australia Post returned dividends to the Australian Government totalling $36.3 million.
Outlook
As foreshadowed in the first half FY22 announcement, it is expected the significant growth in eCommerce experienced in early 2022 will keep moderating, while ongoing structural decline will see letter losses accelerate. Australia Post will continue to drive productivity gains to reduce costs, and invest for the long term, however it is expected there will be Group losses in FY23. Australia Post’s 2022 Annual Report is expected to be tabled in Federal Parliament in October 2022.
Source : https://newsroom.auspost.com.au/article/australia-post-delivers-record-revenue-- while-growing-letters-losses-weigh-on-fy22-results
2.Thousands of extra parcel deliverers to join PostNL’s own payroll August 25, 2022
The Hague, the Netherlands, 25 August 2022 – PostNL will recruit thousands of parcel deliverers onto its own payroll over the next few years. It is boosting three crucial elements in its way of working: as many permanent contracts as possible, longstanding partnerships and climate-friendly delivery. PostNL aims to ensure that, over time, at least half of all parcels are delivered by people in its employ. This number is currently at 1,900 and should grow to around 6,000 deliverers. Meanwhile, delivery partners will be actively encouraged to grow, to further professionalise and to green their services. For parcels deliverers working at delivery partners, permanent contracts remain the standard as well.
Herna Verhagen, PostNL’s CEO: “As the country’s largest mail and parcel company, we’re well aware of our social role and responsibilities. We want to be a good and social employer, and act as leaders where we can. It’s what we’ve been doing for years. Today, we announced that we’ll be scaling up to some 6,000 parcel deliverers in permanent PostNL employment and that we plan to make further improvements to our partnerships with delivery partners.
As many permanent contracts as possible
Over the next few years, PostNL will recruit thousands of extra parcel deliverers into its own employment, aiming for at least half of its parcels to be delivered by deliverers in PostNL employ over time. To adequately respond to developments in its mail and parcel markets, PostNL must constantly adapt. This requires investment in innovation and sustainability as much as in being a good employer and client. In 2015, for example, all self-employed workers were invited to accept permanent contracts with PostNL, collective labour agreements (CLAs) are the standard for all people working at and for the company, and all postmen and women are offered a permanent contract when they join. In addition, PostNL cooperates closely with sheltered workplace companies across the country to offer work to some 1,600 people who face challenges in the labour market.
Longstanding partnerships
The fundamental growth of the market for parcels, expected social developments and changes in terms of labour and sustainability, also demand adjustments in the way PostNL works with its delivery partners. PostNL aims for longstanding collaboration and is happy with its over 500 delivery partners, with which it has been working for many years and to mutual satisfaction. PostNL will encourage and support them to grow further and scale up. After all, larger companies are typically more robust and agile, with more time to fine-tune their operations and greater financial scope to invest in sustainability
Climate-friendly delivery
PostNL has ambitious climate targets in place and is working towards emission-free delivery in the last mile by 2030. Larger companies typically have more leeway to invest in electrified transport, charging infrastructure and other climate-friendly measures. To help delivery partners become more sustainable, growth is crucial. In addition, PostNL will help pay towards the extra costs of electric parcel vans, offering a one-off bonus of €2,000 per electric parcel van ordered in 2022.
Source : https://www.postnl.nl/en/about-postnl/press-news/press-releases/2022/thousands-ofextra-parcel-deliverers-to-join-postnls-own-payroll.html
3.Royal Mail launches new training programme to develop future leaders August 24, 2022
Royal Mail has launched a new leadership programme which will help ambitious managers achieve their full potential by equipping them with the skills needed to meet changing customer demands.
The “Diamonds Programme” is aimed at developing a diverse set of leaders from across the business with a focus on nurturing their emotional intelligence, confidence and operational capabilities. The move is designed to ensure Royal Mail has access to a talented pool of leaders as the company transforms into a more parcels-focussed business. Successful candidates will embody the company’s values while being able to navigate and influence a fast-changing business with confidence. They will benefit from targeted development assessments, career guidance and tailored support, to help them grow as leaders and deliver an ambitious programme of change as they progress to more senior roles in the business. The programme will include:
A development assessment that helps managers understand their strengths as well as areas in need of development ▪ A feedback and coaching session from a trained facilitator to help tailor a plan that will support their career development ▪ Coaching sessions aimed at building capability in key areas for the business ▪ Access to mentoring schemes with a more experienced leader to assist in navigating their onward career journey Around 70 employees were selected to join the leadership programme’s first session at Royal Mail’s training academy in Daventry, Northamptonshire. The programme represents a significant investment by Royal Mail in its workforce and will help the business accelerate its transformation in a competitive market.
Zareena Brown, Chief People Officer, Royal Mail, said: “Through our academy, we are investing in our people to create the next generation of leaders at Royal Mail. Our new leadership programme has been specially designed to ensure our managers have the right skills to support Royal Mail’s ongoing reinvention and generate sustainable growth across the business. I am pleased to welcome the first cohort of managers onto the programme.” The academy, which was officially opened in June 2022, is based at Royal Mail’s new Midlands Super Hub. When operational next year, the Midlands Super Hub will process more than one million parcels a day, offering a unique and inspirational learning environment. Employees can also access the academy virtually, digitally and ‘on the job’. It is supported by five new satellite learning centres in Edinburgh, Warrington, Bristol, Gatwick and Oxford. In 2021-22, Royal Mail invested £6milllion in training - equating to approximately 23,000 training days – compared to 19,000 training days the previous year.
Source: https://www.royalmailgroup.com/en/press-centre/press-releases/royal-mail/royalmail-launches-new-training-programme-to-develop-future-leaders/
4.Major FedEx Ground contractor to stop delivering if agreement isn’t reached by Black Friday
August 23, 2022 Spencer Patton, whose company operates 225 routes in 10 states, has publicly pushed for better contract terms for delivery providers to account for inflation.
One of FedEx Ground’s largest contractors is warning the company he may no longer make deliveries on his routes starting Black Friday as he pushes for improved compensation to account for inflation and other operational changes. Spencer Patton, founder and president of Ground contractor Patton Logistics, said during a speech Spencer Patton, founder and president of Ground contractor Patton Logistics, said during a speech UNI Apro Post & Logistics 6 Saturday at a contractor event in Las Vegas that he will stop operating his delivery routes as of Nov. 25 unless FedEx adjusts the terms of his contract. Patton Logistics operates 225 Ground routes in 10 states, primarily in the Midwest. “This business model is hurting to a degree where my company individually has to see change from FedEx Ground,” Patton said at Route Consultant’s 2022 Contractor Expo. He said while antitrust regulations prevent the organization of a group boycott, many contractors have encountered the same struggles with attempting to renegotiate their contracts. Patton has publicly pushed for Ground to change the way it currently works with the independent businesses who perform deliveries, pickups and linehaul services for the company. He has chosen the traditional start of the peak shopping season as his deadline, which he has coined “Purple Friday.” “Purple Friday is my way of trying to work with FedEx Ground to say, ‘We have to have a timeline,’” Patton said in his conference speech. “This cannot just extend on an open-ended platform because that’s not working in my business.” Patton wants FedEx to adjust his contract to factor in the higher fuel, vehicle and labor costs his business and others have encountered. In a statement, FedEx said more than 1,600 contractor agreements have been successfully negotiated or renegotiated in the past three months. But some contractors attending the Las Vegas event have had difficulty securing the contract adjustments they’ve wanted, Stephens analyst Jack Atkins said in a note Monday. “However, as one contractor told us, a renegotiation is like a sasquatch…he’s heard of one, but has never seen one,” Atkins wrote. “That was our sense broadly, contractors that have asked for a renegotiation have either been told no or the requests have gone unanswered.” Patton Logistics is one of the largest of the approximately 6,000 contractors in Ground’s network. FedEx Ground can call on “contingency” contractors to perform deliveries on routes that need a delivery provider in the short term, albeit at a higher rate for the company. Experts say this year’s peak season is expected to see better carrier service and earlier ordering activity. Several contractors “have been guided by [FedEx] to prepare for a mid-single-digit decline in volume in the 2022 peak period,” Atkins wrote, meaning lower activity during what is their most profitable period. FedEx said in its statement that it is applying feedback from contractors to make changes to its peak season incentives, which will be communicated to contractors “in the coming days.”
Source : https://www.supplychaindive.com/news/fedex-ground-contractor-spencer-pattonstop-delivering-black-friday/63024
5. 2022 Contract Update #6 August 23, 2022
You are reading the sixth Contract Update produced and distributed by the NPMHU during the course of 2022 negotiations. These updates, along with the Union’s magazine and monthly bulletins, will keep mail handlers throughout the country informed and involved in the issues raised during this round of bargaining.
As the NPMHU National Office returns to Washington, DC after a productive National Convention, our bargainers are eager to return to the negotiations table. Throughout the Convention, members of the Negotiations Team had been working behind the scenes to UNI Apro Post & Logistics 7 continue bargaining. The end of the Convention created an opportunity to resume bargaining at the Main Table. On August 17, the NPMHU Negotiations Team returned to Postal Service HQ to resume Main Table Negotiations, where it delivered Article 32 proposals to USPS representatives. The next day, the NPMHU hosted USPS at its HQ in the AFL-CIO building, where both parties further discussed the NPMHU’s proposals and their finer details. To date, the NPMHU has given representatives of USPS management over 75 proposals, totaling nearly 100 pages of written text. Conversely, USPS representatives have issued the NPMHU less than 10 proposals. In addition to their lack of genuine proposals, USPS representatives have displayed a much less cooperative atmosphere and stalled progress in genuine negotiations. As the NPMHU Negotiations Team attempts to reach agreements on contract language governing work rules and operational matters in Main Table discussions, USPS representatives are calling for the referral of these proposals to the much lengthier and bureaucratic process for approving economic proposals. Trying to delay bargaining by pushing these proposals all the way up to highest ranking officials in the Postal Service has stalled negotiations at the Main Table. When the Postal Service is not looking to delay issues to the final economic bargaining, it shows a poignant lack of urgency in coming to tentative agreements on simple issues. This delay occurs even when a proposed change in the contract is — by the admission of members of the USPS negotiating team — already a practice employed by management. Subcommittees also seem to be stalled, as management shows a fundamental lack of understanding of NPMHU proposals, often belaboring the same point even after a contrary understanding has been reached. Combined with stagnation at the Main Table, it suggests that the USPS fundamentally misunderstands the NPMHU proposals and positions. On numerous occasions, President Hogrogian has asked the USPS representatives to come to prompt tentative agreements on any issues that would not have an adverse impact on postal operations, or would save USPS money, or which have routinely been granted to other crafts. In these instances, USPS representatives to this point have displayed a noted resistance and lack of transparency as to why. Perhaps even more problematic, when the NPMHU comes to the Main Table sessions or to numerous subcommittee meetings, it is unsure who has the authority to reach agreements on some of the issues being discussed. As the USPS tries to refer proposals to the economic table, its negotiation team seems less and less able — or willing — to reach any tentative agreements. As the contract deadline approaches, with 30 days remaining until September 20, 2022, the NPMHU hopes that USPS will be open to discussing more options at the Main Table and agreed upon subcommittees, as well as being more forthcoming and transparent as the parties strive to reach agreements on subsidiary issues. As always, the NPMHU Negotiations Team will strive to do what is best for the NPMHU, the Postal Service, and the American mailing public.
Source : https://www.npmhu.org/media/news/2022-contract-update-6
UNI Apro Post & Logistics
1 POSTAL NEWS No 68-2022
Formulated by UNI Apro Post and Logistics Sector
1.Omniva: It is necessary to put a price on humanitarian aid to Ukraine. August 26, 2022.
2.Collective labor agreement consultation started. August 25, 2022.
3.IDB and UPU to modernize postal services in Latin America and the Caribbean. August 24, 2022.
4.China’s $89 billion e-commerce giant JD.com posts slowest quarterly growth on record. August 23, 2022.
5.Pos Malaysia sees second half to remain challenging. August 22, 2022.
1.Omniva: It is necessary to put a price on humanitarian aid to Ukraine August 26, 2022
From 1 September, sending a humanitarian aid parcel to Ukraine from a private person to a private person will cost 90 cents per kilogramme.
“Since March, Estonian private persons have sent over 70,000 kg of humanitarian aid to Ukraine free of charge through Omniva. Considering the growing parcel volumes, transport expenses, and the lengthening time horizon, it is necessary to put a price on parcel delivery,” explained Marita Mägi, Head of International Parcel and Letter Services. “In comparison with the usual fee of sending an international parcel, it is a much cheaper price to cover transport costs in particular. When it comes to Ukraine, it is increasingly more difficult to find a carrier who would take the responsibility of delivering parcels to a country at war. Therefore, the transportation costs for the humanitarian aid service have increased several times compared to the beginning of the service. Omniva will continue to contribute to the organisation of the service free of charge.” To send a humanitarian aid parcel, you must go to the Omniva post office to complete the parcel card and customs form and pack the parcel on site. The maximum weight and dimensions of the shipment must be in accordance with the conditions of the maxi parcel, i.e., the parcel must weigh up to 30 kg and meet the required dimensions. Only products intended for sending humanitarian aid can be sent, these products are specified in the conditions of sending humanitarian aid parcels. Perishable food, fragile items, alcohol, weapons, and other products not intended for private use may not be sent. Information on the conditions and formalities for sending humanitarian aid parcels can be found on the Omniva website and at post offices across Estonia. Find the nearest post office on this page. For information on the post offices in Ukraine that are currently open, visit Omniva’s
website. Source: https://postandparcel.info/149757/news/e-commerce/omniva-it-is-necessary-to-put-aprice-on-humanitarian-aid-to-ukraine/
2.Collective labor agreement consultation started August 25, 2022
The collective labor agreement between the unions and PostNL about a new PostNL collective labor agreement started on 24 August
At this meeting, the unions and PostNL exchanged the letters of intent. BVPP has drawn up a letter of commitment together with CNV. This first meeting mainly consisted of an exchange of views expressed in the letters. If there are any developments with regard to the collective labor agreement, we will let you know. The next meeting is scheduled for next week.
Source : https://bvpp.nl/sectors/overige/nieuws/2022-08-25-cao-overleg-gestart
Note: The original article was written in Dutch and the above article is an automatic translation
3.IDB and UPU to modernize postal services in Latin America and the Caribbean August 24, 2022
The Inter-American Development Bank (IDB) and the Universal Postal Union (UPU) have signed an agreement to modernize postal services in Latin America and the Caribbean.
The partnership is expected to enable the IDB to support countries as they incorporate the international guidelines and standards issued and promoted by the UPU. The institutions will also collaborate in researching data on trends and identifying existing gaps in postal services. The agreement includes sharing best practices and experiences from the modernization of postal services in other countries, which can be adapted and replicated in the region. The agreement is intended to promote regional integration and trade, strengthen value chains and foster the digital economy. According to the partners, postal services have unique advantages to facilitate trade, including a network that can reach remote areas, transaction logistics and links with other postal services and key actors in the trade process, such as customs and airlines. By improving these services across the region, the companies plan to increase commerce and develop the digital economy, especially for small and medium-size firms (SMEs), which account for about 99% of businesses in Latin America and the Caribbean. Masahiko Metoki, director general of the UPU, said, “Posts have the mandate and infrastructure to serve people in all corners of a country, making them a powerful engine for socioeconomic development and inclusion. We are pleased to work with IDB to help posts across Latin America and the Caribbean in their transformation journey so that they candeliver modern services and maximize benefits to communities and businesses across the region.” Mauricio Claver-Carone, president of IDB, said, “We are thrilled to announce our partnership with UPU, which puts into practice our shared vision on the potential of modern postal services to boost the region’s connectivity, trade and value chains – all priorities of Vision 2025, the IDB’s agenda for driving inclusive growth.”
Source : https://www.parcelandpostaltechnologyinternational.com/news/e-commerce/idb-andupu-to-modernize-postal-services-in-latin-america-and-the-caribbean.html
4.China’s $89 billion e-commerce giant JD.com posts slowest quarterly growth on record August 23, 2022
JD.com
beat top and bottom line expectations in the second quarter. ▪ Revenue rose
5.4% in the April to June quarter, marking the Chinese e-commerce giant’s
slowest year-on-year growth on record▪ JD.com reduced marketing and general and
administrative expenses for the quarter versus the same time last year, while
narrowing losses in its new business segment as it focuses on cost control.
JD.com beat top and bottom line expectations in the second quarter, but posted
its slowest year-on-year revenue growth on record, becoming the latest victim
of a Covid-induced economic slowdown in China. But the company got a boost from
better profitability in its main retail business and logistics division, helped
by the annual “618” shopping festival that takes place in China in June. Here’s
how JD.com did in the second quarter, versus Refinitiv consensus estimates: ▪
Revenue: 267.6 billion Chinese yuan ($40 billion) vs 262.3 billion yuan expected,
a 5.4% year-on-year rise. ▪ Net profit attributable to ordinary shareholders:
4.4 billion Chinese yuan vs. 1.36 billion yuan profit expected. JD shares were
up more than 4% in U.S. pre-market trade.
During the April to June quarter, China saw a resurgence of Covid-19 that led to lockdowns of major cities across the country, including the financial powerhouse of Shanghai, as authorities tried to contain the worst outbreak of the virus since the initial spread in 2020. China’s economy grew just 0.4% year-on-year in the second quarter. Investment banks have cut their full-year growth outlooks for the world’s second-largest economy.
JD.com is not the only Chinese technology company suffering a fallout from the economic slowdown. This month, e-commerce rival Alibaba reported flat June quarter revenue for the UNI Apro Post & Logistics 4 first time while gaming and social media giant Tencent reported its first revenue decline on record.
Cost cutting and profit focus
Tencent and Alibaba have been cutting spending and reducing headcount as revenue slows in order to grow earnings in the coming quarters, with similar focus shown from JD.com too. JD.com reduced marketing and general and administrative expenses for the quarter versus the same time last year. The Beijing-headquartered firm also narrowed losses in its new business segment and saw its logistics unit swing to an operating profit in the quarter versus the second quarter of 2021. “We were pleased to post topline growth that outpaced the industry during a challenging period, as well as healthy profitability and cash flow,” Sandy Xu, chief financial officer of JD.com, said in a press release. “Our emphasis on financial discipline and operational efficiency has allowed us to return to shareholders in the form of share repurchases as well as a special cash dividend issued during the quarter. We will continue to focus on generating strong shareholder returns while maintaining our commitment to investing for the long term.”
Retail segment gets 618 boost
JD.com’s retail segment makes up the most of its revenue. The division brought in 241.5 billion yuan in revenue in the second quarter, a near 4% year-on-year rise. Operating profit for the retail business rose 36% year-on-year to 8.17 billion yuan. That was helped by the 618 shopping festival in China. It takes place over a roughly twoweek period in June and China’s e-commerce giants offer huge discounts across a number of goods. JD.com reported in June that total transaction volume across its platform during the promotional period totaled 379.3 billion yuan. This does not translate directly into revenue but it does bring users to JD’s shopping app. JD differs from Alibaba in that it owns more of its own inventory. It has also focused heavily on logistics and warehousing capabilities that allows it to get products to users on the same day or next day. JD’s logistics division saw a 20% year-on-year revenue rise in the second quarter to 31.2 billion yuan.
Source : https://www.cnbc.com/2022/08/23/jdcom-earnings-q2-chinese-e-commerce-giantslowest-growth-on-record.html
5.Pos Malaysia sees second half to remain challenging August 22, 2022
KUALA LUMPUR: With the ongoing economic uncertainties and changing consumer behaviour, Pos Malaysia Bhd expects the second half of the year to be equally challenging.
As a result, the postal group will continue to focus on a balanced execution of good customer mix, improving yields, managing costs, whilst delivering a market-leading service, and ensuring an optimum customer experience at every touch point.
Group chief executive officer Charles Brewer said the transformation journey the postal group embarked upon 12 months ago is starting to yield positive results and recognised it still has much to do. “We will continue to be laser-focused on executing our strategy, focusing on having safe, very happy and engaged employees, delivering a great service and delighting our customers,” Brewer said in a statement. In addition to seeing improving results from its mail and parcel businesses, the aviation and logistics segments are also seeing signs of recovery while the outlook remains positive. “We are cautiously optimistic that our financial performance for FY2022 will show continued improvement as compared to FY2021. “We will continue to focus on delivering a profitable parcel and retail business, transforming the core operation, optimising for margin-led businesses and ensuring we are well-placed for a better future,” Brewer said. In the second quarter ended June 30, Pos Malaysia posted a smaller net loss of RM5.25mil against a net loss of RM121.84mil a year ago. Revenue for the period fell 3% to RM517.26mil from RM533.9mil a year prior while loss per share stood at 0.67 sen from 15.57 sen previously. In the first six months to June 30, Pos Malaysia posted a smaller net loss of RM35.62mil versus RM168.63mil last year while revenue dropped 11.3% to RM1bil against RM1.13bil previously. Pos Malaysia attributed its improved performance to better customer mix and yield, and effective cost management, which resulted in lower transportation and delivery costs.
Source : https://www.thestar.com.my/business/business-news/2022/08/22/pos-malaysia-seessecond-half-to-remain-challenging