Duty Free International reports 40% lower 1Q earnings of S$3.1m on revenue slip

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SINGAPORE (July 11): Duty Free International (DFI) posted earnings of RM9.05 million (S$3.06 million) for the 1Q ended May, down 39.9% from RM15.05 million a year ago on lower revenue, donations and the absence of a gain arising from changes in fair value of option.

Revenue for the quarter fell 28.9% to RM117.4 million from RM161.1 million in 1Q18, largely due to a shortage of supply of certain popular products in the global market.

Meanwhile, operating expenses grew 26.8% to RM7.7 million compared to RM6.1 million a year ago as the group booked donations of RM3 million... (Click here to read the full story)