KUALA LUMPUR (Aug 29): 7-Eleven Malaysia Holdings Bhd reported a 29.4% jump in net profit to RM13.1 million or 1.17 sen per share for the second quarter ended June 30, 2018 from RM10.2 million or 0.91 sen per share in the corresponding quarter a year ago, mainly on the back of a 0.6% point improvement in its gross margin.

Revenue for the quarter edged higher 0.44% to RM557.6 million compared with RM555.2 million in 2QFY17, driven by growth in new stores and better consumer promotion activity.

For the first half, 7-Eleven recorded growth of 21.5% in net profit to RM22.1 million from RM18.2 million in 1HFY17.

“Other operating income grew by RM3.8 million or 6.3% compared to the corresponding period in the previous year,” the company said in a filing with Bursa.

7-Eleven’s first half revenue inched up 1.45% to RM1.09 billion from RM1.08 billion a year ago.

In a press statement, group chief executive officer Collin Harvey said, “We are happy with our net profit growth of 29.4% for the quarter, however we believe that there is room to improve on a number of key metrics. I am personally excited to have joined the business just over two weeks ago, and I am confident that a strategy roadmap focused on strengthening the key areas of assortment, supply chain, operational excellence, store base, and digitally enabling the organization will bear fruit in terms of financial performance, and overall customer shopping experience.”

Looking ahead, the Board of Directors is of the view that trading conditions for the next quarter are likely to improve given expectations of heightened consumer sentiments.

7-Eleven closed unchanged at RM1.47 for a market capitalisation of RM1.66 billion. Some 80,000 shares were traded.