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Duty Free International's Q1 net profit falls 39.9%

DUTY Free International posted a 39.9 per cent decline in net profit to RM9.0 million (S$3 million) for the first quarter, on a 28.9 per cent decrease in revenue.  

Earnings per share for the three months ended May 31, 2018 was 0.74 sen compared to 1.24 sen for the year-ago period.   

First-quarter revenue was RM117.4 million, down from RM165.1 million for the same period in the previous year, largely due to supply shortfall of certain popular products in the global market.

The group, which operates duty-free retail outlets, said its first quarter bottom line was hit by lower recorded revenue, RM3.0 million of donations and absence of gain arising from changes in fair value of option amounting to RM6.0 million compared to the corresponding quarter last financial year.

These were partially offset by net gain in foreign exchange of RM2.2 million compared to net foreign exchange loss of RM6.0 million for the  year-ago period.  

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Duty Free International closed at 20 Singapore cents on Wednesday, down 0.5 Singapore cent.

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