PETALING JAYA: Mynews Holdings Bhd’s net profit for the first quarter ended Jan 31, 2019 rose 29.92% to RM8.24 million from RM6.34 million a year ago driven by higher revenue.
Revenue for the quarter rose 37.03% to RM123.50 million from RM90.12 million a year ago due to the increase in the number of outlets and higher sales by the existing outlets as a result of the group’s continuous efforts to improve product offerings and store concept.
In a filing with Bursa Malaysia, Mynews said its operating expenses rose 30.9% to RM33.10 million during the quarter from RM25.29 million a year ago, in tandem with the increased number of outlets and business volume.
Mynews had a total of 439 outlets as at Jan 31, 2019 compared with 366 outlets a year ago.
“Mynews remains optimistic of its growth and the sustainability of its business which is underpinned by the vast potentials that could be reaped from its upcoming FPC (food processing centre) and overall business transformation initiatives,” it said.
It said that the Maru Kafe brand concept and the introduction of more attractive product offerings as a prelude to the launching of the FPC, have garnered positive response from customers, which augurs well for the group.
