Kenanga cuts Pos Malaysia target price to RM1.30
“FY19 profit before tax plunged from RM117.3mil to a loss before taxation of RM158.4m due to widening losses from mail segment and impairment charges of RM39.6mil from the loss of goodwill in Pos Logistics,” Kenanga Research said in its latest report yesterday.
KUALA LUMPUR: Kenanga Research said Pos Malaysia Bhd 
’s financial year 2019 (FY19) core net loss of RM126.1mil came in below its and consensus estimates due to a weaker-than-expected performance in the postal services segment.
“FY19 profit before tax plunged from RM117.3mil to a loss before taxation of RM158.4m due to widening losses from mail segment and impairment charges of RM39.6mil from the loss of goodwill in Pos Logistics,” it said in its latest report yesterday.
Year-on-year, the core net loss of RM126.1mil excluding RM39.6mil goodwill impairments compared to a net profit of RM93.3mil due to losses in the mail segment as a result of double-digit contraction in mail volume and bill payments.
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