MyNews sees marginal decrease in Q1 earnings

PETALING JAYA: MyNews Holdings Bhd saw a marginal decrease of 0.33% in net profit for the first quarter ended Jan 31, to RM6.34 million from RM 6.36 million a year ago, due to higher staff cost incurred from its ready-to-eat food and bakery projects, as well as higher rental costs for outlets.
Revenue for the period grew 18.22% to RM90.12 million from RM76.23 million attributable to new stores opened in the last two years, better products mix and the higher other operational income.
The group’s board of directors said that barring any unforeseen circumstances it will continue to deliver positive results.
“The board acknowledges that the general business landscape is challenging and getting increasingly competitive. The year 2018 is a transformation year for the group as it steadfastly implements its strategies together with its Japanese partners to offer ready-to-eat food and bakery to offer better quality and product mix in its stores,” it said.
Meanwhile, the growth in the number of outlets continues unabated. MyNews will continue to pursue excellence in retailing through continual improvement in strategy and operational excellence. It will continue to attract customers to its stores by improving its customers shopping experience,” it added.
The stock fell 3.03% to RM1.60 with some 1.03million shares traded.