KUALA LUMPUR: MyNews Holdings Bhd reported a RM1.7 million net profit in the second quarter ended April 30, 2024 thanks to improvements in in-store sales and margin.
It posted a net loss of RM6.3 million for the same quarter in 2023.
The better performance was on 10.7 per cent higher revenue of RM192.8 million.
MyNews grew its number of outlets by six in the quarter, from 595 to 601.
Gross profit increased by RM13.28 million or 22.2 per cent, from RM59.79 million to RM73.07 million, while the margin improved to 37.9 per cent from 34.3 per cent.
MyNews currently operates a total of 622 outlets, made up of 471 myNEWS (including 34SUPERVALUE), 131 CU and 20 WHSmith outlets.
MyNews told Bursa Malaysia Securities Bhd in its filing, it expects sales revenue to trend upward with more store openings, revamp of existing stores and improving product mix and services. Consequently, the production volume of the food production centre will increase as well, driven by the increasing sales at the retail front.
MyNews said, while it is undeniable that the market segment it is in is becoming more crowded and competition is more intense, the group believes that with its experience, agility and flexibility, there is still room to grow its brands.
It added that it will spare no effort in enlarging its store network while improving its financial performance.
The group made a RM3 million net profit for the six month period ended April 30, 2024, compared with a net loss of RM9.5 million last year.
This was on an 8.3 per cent improvement in revenue to RM388.3 million for the period.