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Duty Free International reports lower Q4FY17 profit

DUTY Free International reported a near 15 per cent year on year drop in net profit to RM17.82 million for the fourth quarter ended Feb 28, 2017.

Revenue declined by 7.4 per cent to RM150.02 million due to the slowdown of tourism traffic to and from Thailand following floods in Southern Thailand in Q4FY17 as well as the after effects of the demise of King Bhumibol in October 2016. In addition, revenue was dampened by the implementation of a goods and services tax at the border outlets and duty free zones with effect from Jan 1 this year.

Earnings per share fell to 1.49 sen, from 1.90 sen a year ago.

For the full year, net profit was 17.8 per cent higher at RM72.73 million while revenue edged up 4.6 per cent to RM632.59 million.

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