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POS reported a net loss of RM123.21 million for the year ended Dec 31, 2021, a narrower loss than the RM232.35 million reported for the same period in 2020, with POS’s loss per share reduced from 29.68 sen to 15.74 sen.
POS’ revenue also declined by 2.94% to RM528.59 million in the fourth quarter of last year, compared to RM444.63 million in the same period of 2020.
If we take the whole year as a whole, POS lost RM335.73 million last year, which is more than the RM380.02 million for the whole year of 2020. This is mainly due to the decline in POS’s turnover and the impairment of property, plant and equipment.
With the gradual recovery of physical economic activities in the country, people are also relying less on online shopping, which has also caused a decline in POS turnover. Despite this, e-commerce online sales continue to be popular in our country and POS is perennially losing money, which is incomprehensible. Many people are criticizing the mode of operation of POS and the attitude of the staff. Many people have had bad experiences at POS.
POS is open every Monday to Friday and only half day on Saturdays, with a few branches open 24/7 on Saturdays and public holidays off. Most POS are only open until 5pm or 6pm in the evening.
POS has been losing money all year round, probably because there are too many POS locations, resulting in higher operating costs, and POS can deliver mail or parcels to all angles of Malaysia, which is not possible with other courier companies.
