Pos Malaysia shares jump 20pct amid recent controversy
KUALA LUMPUR: Shares of controversy-hit Pos Malaysia Bhd jumped more than 20 per cent in early trade, hitting a five-month high of 28.5 sen.
The counter opened flat at 23.5 sen before climbing five sen or 21.27 per cent in active trading within the first 10 minutes of the morning session.
By 11am, the stock had pared gains to four sen or 17.02 per cent to trade at 27.5 sen, matching its year-to-date high recorded on April 2.
Pos Malaysia was the third most actively traded stock on the exchange, with 16.48 million shares changing hands.
Year-to-date, the company's market capitalisation has risen 12.24 per cent to about RM210 million.
The national courier faced public backlash last week following a viral social media post involving group chief executive officer Charles Brewer's response to an employee's complaint.
A Pos Malaysia staff member had voiced concerns about their torn uniform and asked when replacements would be issued.
Brewer's dismissive reply sparked criticism, prompting him to issue a public apology on April 19.
The company said it had since addressed the issue directly with the employee and that the matter had been resolved.
Brewer, a British national, was appointed to the top post on Aug 1, 2021.
Pos Malaysia is 53.49 per cent owned by tycoon Tan Sri Syed Mokhtar Shah Syed Nor. The company has been loss-making for nearly six consecutive years.
For the financial year ended Dec 31, 2024 (FY24), Pos Malaysia's net loss widened to RM202.7 million from RM157.9 million a year earlier as revenue slipped 0.9 per cent to RM1.85 billion.
The group's aviation segment posted a strong performance with net profit surging to RM20.2 million from RM7.38 million in FY23.
However, these gains were offset by deeper losses in the postal segment, which saw its net loss increase to RM196 million from RM153.6 million.
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