Quick take: Pos Malaysia rises 6% on potential postal tariff hike

KUALA LUMPUR: Pos Malaysia Bhd, which has been on an uptrend, added almost 6% in early trade on speculation that it might be obtaining a postal tariff hike.

The postal group gained 5.95%, or 10sen to RM1.78, making it one of the top gainers on Bursa Malaysia with 3.9 million shares traded. In the past one year, Pos Malaysia has fallen some 52%.

It has been reported that Pos Malaysia, in which Tan Sri Syed Mokhtar’s flagship DRB-Hicom Bhd owns a 53.4% stake, might be near to obtain a postage hike

There is no official announcement or clear indication from the government in relation to the postage hike thus far.

In April, DRB-Hicom group managing director Datuk Seri Syed Faisal Albar told reporters during a media escapade that stamps cost 30 sen between 1992 and 2010 when the Postal Department was corporatised as Pos Malaysia in 1992.

The price of domestic stamps rose to 60 sen in 2010 and has been unchanged since.

On Monday, Pos Malaysia has announced a final single tier dividend of four sen per share for the financial year ended March 31, 2019.

For the full financial year ended March 31, 2019, Pos Malaysia posted a net loss of RM165.74mil on revenue of RM2.35bil.

Source: TheStar