KUALA LUMPUR: POS MALAYSIA BHD [] posted net profit of RM38.26 million in the first quarter ended March 31, 2011, a significant increase from only RM1.62 million a year ago.
The postal services company said on Tuesday, May 24 the earnings growth was underpinned by the domestic tariff increase which came into effect on July 1, 2010.
The group's growth of almost 121% in profit from operations at RM50.86 million (2010: RM23.07 million) for the period ended March 31, 2011 was due to the tariff increase and benefits realised from transformation initiatives.
'This is supported by revenue of RM304.5 million; a substantial increase of 31.8% from RM231.1 million in the preceding year,' it said.
Its earnings per share were 7.12 sen versus 0.3 sen a year ago.
Pos Malaysia also said its profit from operation of RM50.86 million, compared to the RM26 million recorded in 4Q2010.
'An increase in profit by RM24.9 million or almost 96% was due to the increase in revenue by RM27.2 million,' it said.
The group's higher profit before taxation by RM38.7 million was due to higher operating profit but partially mitigated by the higher impairment provision of the investment in TRANSMILE GROUP BHD [] by RM3.4 million and lower other operating income of RM4.3 million.
'In addition, during preceding quarter last year, the group provided one-off impairment provision relating to capital expenditure incurred for the postal counter system of RM22.3 million,' it said.
The postal services company said on Tuesday, May 24 the earnings growth was underpinned by the domestic tariff increase which came into effect on July 1, 2010.
The group's growth of almost 121% in profit from operations at RM50.86 million (2010: RM23.07 million) for the period ended March 31, 2011 was due to the tariff increase and benefits realised from transformation initiatives.
'This is supported by revenue of RM304.5 million; a substantial increase of 31.8% from RM231.1 million in the preceding year,' it said.
Its earnings per share were 7.12 sen versus 0.3 sen a year ago.
Pos Malaysia also said its profit from operation of RM50.86 million, compared to the RM26 million recorded in 4Q2010.
'An increase in profit by RM24.9 million or almost 96% was due to the increase in revenue by RM27.2 million,' it said.
The group's higher profit before taxation by RM38.7 million was due to higher operating profit but partially mitigated by the higher impairment provision of the investment in TRANSMILE GROUP BHD [] by RM3.4 million and lower other operating income of RM4.3 million.
'In addition, during preceding quarter last year, the group provided one-off impairment provision relating to capital expenditure incurred for the postal counter system of RM22.3 million,' it said.
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