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Duty Free International's net profit jumps on the back of forex gains, revenue increase

MALAYSIAN multi-channel duty free and duty paid retail group Duty Free International posted a net profit of RM15.2 million (S$5 million) for its third quarter ended Nov 30, 2018, up from RM3.3 million previously on the back of foreign exchange gains compared to previous losses, as well as an increase in revenue.

Revenue of RM157 million was recorded for the quarter, up 19.3 per cent mainly due to an increase in demand for certain products and the sales mix.

Earnings per share for the quarter stood at 1.26 sen, up from 0.27 sen previously.

The company has also declared a second interim dividend of S$0.01 per share for Q3 2019, which will bring the dividend per share amount declared to date to a total of S$0.018 per share.

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In its outlook, the group expects the operating environment to remain soft and challenging, given the current economic environment and cautious consumer spending.

It said that it will continue its efforts to identify new market opportunities and strategies to further strengthen its customer base and distribution channels through a wider product offering. The group will also intensify marketing efforts and closely monitor key cost drivers to remain competitive and profitable, it added.