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Duty Free International Q2 net profit falls 12.6% to RM12.3m

MAINBOARD-listed Duty Free International has posted a 12.6 per cent decline in second-quarter net profit to RM12.3 million (S$4.09 million) as revenue fell 21.8 per cent. 

For the three months ended Aug 31, earnings per share (EPS) came in at 1.02 sen, down from 1.15 sen in the year-ago period. 

No dividends were declared for the current financial period, versus a second interim cash dividend of 0.5 Singapore cent in the preceding year. 

Second-quarter revenue came in at RM114.4 million, down from RM146.3 million last year, largely due to lower availability of certain popular products for sale, the group said. 

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For the half year period, the multi-channel duty free and duty paid retail group in Malaysia, recorded a 26.7 per cent drop in net profit to RM21.3 million, from RM29.1 million a year ago.

On a per share basis, earnings stood at 1.76 sen, down from 2.39 sen last year. 

Revenue for the six months ended Aug 31 also fell 25.6 per cent to RM231.8 million. 

The group noted that the decrease in net profit was mainly due to lower revenue, a donation of RM3 milllion, and the absence of gain arising from changes in fair value of option amounting to RM7.5 million, as compared to the first half last year. 

Nonetheless, these were partially offset by a net gain in foreign exchange of RM5.3 million, versus a net foreign exchange loss of RM5.7 million in the year-ago period. 

Shares in Duty Free International closed flat at S$0.21 apiece, before the release of its financial results.