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KUALA LUMPUR: MyNews Holdings Bhd posted a smaller net loss of RM1.45mil in the third quarter ended July 31 (3Q22) against a net loss of RM14.92mil in the same quarter last year.
Its loss per share eased to 0.21 sen from 2.19 sen a year prior.
Revenue for the quarter stood at RM170.2mil, up 81.3% against RM93.9mil in the preceding year’s corresponding quarter, while the number of outlets increased from 515 to 573 or 11%.
Mynews said the improved revenue was principally contributed by the increase in in-store sales as our business and social activities in the country were no longer restricted. Also contributing to the increase is the higher number of outlets in the current quarter.,
For the first nine months to July 31, Mynews’ net loss narrowed to RM19.54mil from RM34.18mil in the previous corresponding period, while revenue rose 52% to RM450.73mil from RM296.5mil.
On prospects, Mynews anticipates a continuing improvement in every component of the business that is being brought about by the growth in the total number of retail outlets, increase in post-pandemic consumer footfall, increase in the utilisation rate of the food processing centre (FPC) and better profit contribution from WH Smith stores as the air travel industry continues to normalise.
“Meanwhile, we expect the improvement in gross margin to continue as we control costs and improve efficiencies in every aspect of the business.
“Moving forward, we are hopeful of a turnaround in our financial performance, barring any unforeseen circumstances,” it said.
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