Pos Malaysia Bhd managed to reduce its net loss for the financial year ending 31 December 2022.
Reviewing the filing submitted on Monday, it said the net loss for the full year 2022 was as much as RM167.67 million, down 50% from the previous year's RM335.43 million.
Despite this, last year's income remained lower by 19% due to the decline in the courier business due to a decrease in the overall volume of parcels mainly from contract customers.
On a quarterly basis, net loss was recorded down 20% from the previous year to RM98.42 million in the fourth quarter, with revenue of RM467.2 million.
As a result, Pos Malaysia shares traded lower at 58 sen, down 2.5%, with a market value of RM450.23 million (as of 3.00pm).
Following the disappointing report, Kenanga Research lowered its target price (TP) for Pos Malaysia shares by 6% to 46 sen compared to 49 sen previously.
