Duty Free International fiscal 3Q net profit jumps more than four times

Singapore Changi Airport Terminal 4 departure boardSingapore Changi Airport Terminal 4 departure board

Duty Free International reported on Wednesday that its fiscal third quarter net profit attributable to shareholders jumped 367.3 percent on-year to 15.2 million ringgit, from 3.3 million ringgit in the year-ago period, on higher revenue and a net foreign-exchange gain.

Revenue for the quarter ended 30 November increased 19.3 percent on-year to 157.0 million ringgit, on an increase in demand for certain products and the sales mix, it said in a filing to SGX after the market close on Wednesday.

It posted a net foreign exchange gain of 1.5 million ringgit in the quarter, compared with a year-ago foreign-exchange loss of 7.5 million ringgit, due to the currency translation to Malaysian ringgit of deposits at financial institutions, as the ringgit weakened against the Singapore dollar and the U.S. dollar.

Duty Free International declared a dividend of S$0.01 a share for the third quarter, unchanged from the year-ago quarter, bringing the total year-to-date to S$0.018 a share.

Duty Free International is Malaysia’s largest multi-channel duty free and duty paid retail group, with more than 40 outlets, the filing said.

For the nine-month period, net profit attributable to shareholders rose 12.9 percent on-year to 36.6 million ringgit, despite revenue falling 12.2 percent on-year to 388.8 million ringgit, due to a net foreign-exchange gain, it said.

In its outlook, DFI said it expected the operating environment would remain challenging amid cautious consumer spending. But it added that it would seek new market opportunities to strengthen its customer base and distribution channels via a wider product offering.

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