KUALA LUMPUR: MyNews Holdings Bhd returned to the black with a net profit of RM947,000 for the fourth quarter ended Oct 31, 2023 (4Q23) as compared with a net loss of RM82,000 in the previous corresponding quarter.
The improved performance was from an improved earnings before interest tax depreciation and and mortisation (ebitda) of RM26.06 million, in comparison to the preceding year's RM20.94 million, MyNews said in a filing with Bursa Malaysia today.
Revenue for the quarter increased 3.1 per cent to RM186.16 million from RM180.6 million a year ago, mainly contributed by the increase in number of outlets and improvement in the overall in-store sales.
Earnings per share was 0.13 sen versus a loss per share of 0.01 sen in 4Q22.
On prospects, MyNews said it has reported an improvement in its group performance from quarter to quarter.
The group currently operates a total of 610 outlets, comprising 460 myNEWS (including 26 SUPERVALUE), 131 CU, and 19 WHSmith outlets.
"The rate of growth in the number of new stores will increase in FY24. Therefore, we expect the sales revenue to grow with the growing store network and ongoing efforts in increasing the in-store sales through improving product mix and retail strategy. "At the same time, we expect the performance of the Food Processing Centre (FPC) to continue its trend of improvement driven by the increasing sales at the retail front. "Meanwhile, the recovery of the air travel industry continues to boost the performance of WHSmith stores which are located within the airports in the country," it added. MyNews, said like many others, it faced challenges over the last three years due to the pandemic, geopolitical tensions, and economic crises occurring simultaneously.
However, the group believes that every dark cloud has a silver lining, and today, MyNews has become more versatile and efficient.
The group also believes it is poised for resurgence through its five retail brands, namely myNEWS, Korea's CU, the UK's WHSmith, SUPERVALUE minimart, and MARU Coffee.
For the entire financial year, MyNews registered a net loss of RM10.7 million from RM19.62 million a year ago, while revenue increased 15.7 per cent to RM730.24 million from RM631.33 million.
From the beginning until the end of financial year 2023 (FY23), the number of MyNews outlets increased by eight, from 585 to 593.