KUALA LUMPUR (Feb 20): POS MALAYSIA BHD [] recorded net profit of RM25.06 million in the October-December quarter in 2011 compared with RM6.08 million a year ago mainly due to a provision of investment and a one-off impairment provision while there was none in 2011.
It said on Monday that revenue increased by 4.4% to RM289.63 million from RM277.33 million. Earnings per share were 4.67 sen compared with 1.13 sen.
“Against the corresponding quarter previous year, the group registered a decrease of 17.3% in profit from operations of RM21.5 million (2010: RM26.0 million) for the quarter ended Dec 31, 2011, attributed to higher operating expenses by 6.7% despite increase in revenue by 4.4%.
“Higher operating expenses due to higher depreciation and amortization charges by 37.9% due to higher depreciation on National Mail Centre building and plant and machinery, higher transportation costs by 14.3% as a result of higher jet fuel price and revision of flying hours rate by 3.0% and increase in staff costs by 2.0% due to salary revision in January 2011.
“The group profit before taxation was higher by RM17.3 million compared to the corresponding quarter previous year as a result of provision of the investment in Transmile Group Berhad (TGB) and one-off impairment provision relating to capital expenditure incurred for the postal counter whereas none was recorded during current year,” it said.
Pos Malaysia, which changed its financial year ending to March 31, 2012, said that in the 12-month period from January to December 2011, its earnings rose about 66.8% to RM112 million from RM67.11 million. Its revenue increased 15.6% to RM1.173billion from RM1.014 billion.
The group’s profit from operations rose 38.2% to RM146.0 million (2010: RM105.7 million) for the period ended Dec 31, 2011, due to the full year impact of domestic tariff increase commencing July1, 2010 coupled with the benefits realized from transformation initiatives.
“The group recorded a higher profit before taxation by RM56.8 million or 57.3% mainly due to higher operating profit as mentioned above and lower impairment loss for financial asset designated as available for sale (that is investment in TRANSMILE GROUP BHD [] ) of RM10.3 million as compared to RM25.1 million in the preceding year.
“In prior year, there was one-off impairment provision relating to capital expenditure incurred for the postal counter system (classified under property, plant and equipment) of RM22.3 million, cushioned by write back of impairment in value of RM15.5 million,” it said.
It said on Monday that revenue increased by 4.4% to RM289.63 million from RM277.33 million. Earnings per share were 4.67 sen compared with 1.13 sen.
“Against the corresponding quarter previous year, the group registered a decrease of 17.3% in profit from operations of RM21.5 million (2010: RM26.0 million) for the quarter ended Dec 31, 2011, attributed to higher operating expenses by 6.7% despite increase in revenue by 4.4%.
“Higher operating expenses due to higher depreciation and amortization charges by 37.9% due to higher depreciation on National Mail Centre building and plant and machinery, higher transportation costs by 14.3% as a result of higher jet fuel price and revision of flying hours rate by 3.0% and increase in staff costs by 2.0% due to salary revision in January 2011.
“The group profit before taxation was higher by RM17.3 million compared to the corresponding quarter previous year as a result of provision of the investment in Transmile Group Berhad (TGB) and one-off impairment provision relating to capital expenditure incurred for the postal counter whereas none was recorded during current year,” it said.
Pos Malaysia, which changed its financial year ending to March 31, 2012, said that in the 12-month period from January to December 2011, its earnings rose about 66.8% to RM112 million from RM67.11 million. Its revenue increased 15.6% to RM1.173billion from RM1.014 billion.
The group’s profit from operations rose 38.2% to RM146.0 million (2010: RM105.7 million) for the period ended Dec 31, 2011, due to the full year impact of domestic tariff increase commencing July1, 2010 coupled with the benefits realized from transformation initiatives.
“The group recorded a higher profit before taxation by RM56.8 million or 57.3% mainly due to higher operating profit as mentioned above and lower impairment loss for financial asset designated as available for sale (that is investment in TRANSMILE GROUP BHD [] ) of RM10.3 million as compared to RM25.1 million in the preceding year.
“In prior year, there was one-off impairment provision relating to capital expenditure incurred for the postal counter system (classified under property, plant and equipment) of RM22.3 million, cushioned by write back of impairment in value of RM15.5 million,” it said.
