KUALA LUMPUR (March 26): myNEWS Holdings Bhd, formerly known as Bison Consolidated Bhd, reported flat net profit of RM6.34 million in its first financial quarter ended Jan 31, 2018 (1QFY18) from RM6.36 million in the same quarter a year ago, on higher operating expenses which rose 32.4% year-on-year.

Earnings per share more than halved to 0.93 sen in 1QFY18 from 2.05 sen in 1QFY17 because the number of shares outstanding increased as a result of a one-for-one bonus issue in December last year.

Quarterly revenue, however, rose 18.2% to RM90.12 million from RM76.23 million in 1QFY17, on new store openings, better products mix and higher other operational income.

In a filing with Bursa Malaysia today, myNEWS said the higher operating expenses was in tandem with the increase in the number of outlets to 366 stores as at Jan 31, 2018 compared with 307 as at Jan 31, 2017.

On prospects, the convenience store chain operator said 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.

"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.

myNEWS shares closed down 5 sen or 3.03% at RM1.60 today, with 1.03 million shares done, giving it a market capitalisation of RM1.09 billion.