Mynews achieved a revenue of RM192.77 million for its second quarter which is an increase of RM18.58 million or 10.7% as
compared to the corresponding period. The group said the increase was mainly contributed by the improvement in instore sales.
Subsequently, profit after tax came in at RM1.7 million compared to RM6.7 million loss recorded in the preceding years quarter two. For the combined two quarters the company’s PAT stood at RM2.9 million compared to a loss of RM8.8million in 1HFY23.
The revenue increase was also due to number of outlets increasing by six, from 595 to 601. Gross profit increased by RM13.28 million or 22.2%, from RM59.79 million to RM73.07 million, while its margin improved to 37.9% from 34.3%.
Its administration expenses increased by RM1.27 million or 14.1%, from RM8.96 million to RM10.23 million, which Mynews said was due to a bigger expansion plan for this year. With the increase in business volume and activities, selling and distribution expenses increased from RM35.48 million to RM36.76 million, an increase of RM1.28 million or 3.6%. Meanwhile, other expenses increased by RM1.64 million or 8.4% from RM19.56 million to RM21.21 million, mainly due to the increase in depreciation of right-of-use assets and property, plant and equipment written-off.
The improved quarterly performance translated to the earnings before interest, tax, depreciation (inclusive of the depreciation of right-of-use assets) and amortisation (EBITDA) of RM27.20 million as compared to RM17.35 million in the corresponding quarter.
