Courier company Mailpac Group Limited (MAILPAC) will be ramping up investments and introducing a new stream of services over the upcoming year. This comes off the backdrop of a slight decline in revenue. This was and still is largely due to the post-pandemic situation and a drop in consumer spending.
For the second quarter ending June, the company reported earnings of $82 million, reflecting a 14 percent decline in profit year on year. Revenue also dropped by 4.4 percent to $408 million, making it the second consecutive quarter of decline in both revenue and profit for the company.
Still, the performance was more encouraging than Mailpac’s first-quarter performance, during which revenues had fallen 15 percent to $398 million.
Despite the decline, Executive Chairman Khary Robinson remains for the upcoming year when the company is planning to expand its business.
“The truth is that we expected a short-term falloff in online shopping as the economy rebounded from the pandemic. Consumers that were curtailed by limited travel responded with higher-than-normal travel and in-store shopping experience as predicted. That’s what we call the rebound effects,” Robinson said during the company’s annual general meeting held online on Tuesday.
The company is planning to bring to market various services such as a Mailpac marketplace app which will make it easier for customers to view products and understand the prices for the entire shipment. They are also in the midst of launching a service that will allow customers to ship more items in bulk at a much cheaper rate.
Additionally, Mailpac is also investing in expanding brick-and-mortar stores island-wide. All of these current activities show that the company is ready for a new stage in its business lifecycle.
