Tuesday 19 Mar 2024
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KUALA LUMPUR (Sept 27): Mynews Holdings Bhd's net loss narrowed by 90% to RM1.45 million for the third quarter ended July 31, 2022 (3QFY22), from RM14.92 million a year ago, as in-store sales improved with the lifting of the restrictions on business and social activities in the country.

Also contributing to the convenience store operator's improved performance was an 11% increase in the number of outlets to 573 from 515 a year ago, the group said in a Bursa Malaysia filing.

Loss per share eased to 0.21 sen from 2.19 sen in 3QFY21.

Mynews said its quarterly revenue grew 81% year-on-year to RM170.2 million from RM93.89 million.

It was Mynews' smallest net losses since turning into the red due to the pandemic in 2QFY20 – its first time since listing – with net loss of RM2.33 million on revenue of RM123.49 million. 

For the cumulative first nine months of FY22, the group's net loss narrowed by 43% to RM19.54 million, from RM34.18 million in the previous corresponding period, while revenue rose 52% to RM450.73 million from RM296.5 million.

Going forward, Mynews anticipates a continuing improvement in every component of the business, brought about by the growth in the total number of retail outlets, increase in post-pandemic consumer footfall, higher utilisation rate of the group's food production centre and better profit contributions from WH Smith stores as the air travel industry continues to normalise.

"Meanwhile, we expect the improvement in gross margin to continue as we control costs and improve efficiencies in every aspect of the business. Moving forward, we are hopeful of a turnaround in our financial performance, barring any unforeseen circumstances," it said.

Shares of Mynews closed one sen or 2.38% lower at 41 sen on Tuesday (Sept 27), giving the group a market capitalisation of RM279.68 million. Year to date, the counter has fallen by 51%.

Edited ByS Kanagaraju
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