Duty Free International posts RM14.0 mil earnings for FY2024, down 10% y-o-y

Revenue for the company in FY2024 increased by 3.6% y-o-y to RM157.3 million.

Duty-free retailing group Duty Free International 5SO has reported earnings of RM14.0 million ($4.0 million), a 10% y-o-y decrease in earnings for the FY2024 ended Feb 29, compared to its earnings of RM15.6 million for the previous financial year.

Earnings per share for the full-year period dropped to 1.17 sen, from 1.3 sen in FY2023.

Notably, revenue for the company in FY2024 increased by 3.6% y-o-y to RM157.3 million, compared to RM151.8 million in the year before.

The company reported a profit before income tax of RM18.0 million for FY2024, representing an increase of 3.5% compared to the profit before income tax of RM17.4 million recorded in FY2023.

The improvement in profit was mainly contributed by higher revenue achieved coupled with increased net foreign exchange gain of RM1.2 million and decreased rental expenses of RM4.9 million, as well as a decrease in other operating expenses of RM3.8 million.

However, the positive effect was partially offset by a decline of other income of RM4.9 million and increase in employee benefit expenses of RM0.9 million.

As at Feb 29, Duty Free’s cash and cash equivalents stood at RM177.8 million.

With the Malaysian economy expanding only moderately in the final quarter of 2023, the company says it anticipates the retail business environment in which it operates to continue to be challenging.

This stems from the escalating product and operating costs due to the weakening of the Malaysian Ringgit against major foreign currencies, along with the added strain of inflationary pressures and a cautious approach to consumer spending,

Duty Free says it will persist in improving operational efficiency and effectiveness, including implementing rigorous cost control measures while simultaneously devising strategies to adapt and navigate the constantly evolving business landscape.

Shares in Duty Free closed unchanged at 8.2 cents on April 24.

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