SINGAPORE (Apr 25): Duty Free International (DFI) reported 4Q19 earnings of RM10 million ($3.3 million), 7.2% higher compared to RM9.3 million in 4Q18.
This brings FY19 earnings to RM46.5 million, 11.6% higher than RM41.7 million in FY18.
Revenue for the quarter was 0.6% lower at RM167.5 million from $168.6 million last year, mainly due to decrease in demand for certain products and change in sales mix.
Losses from changes in inventories narrowed by 83.2% y-o-y to RM5.2 million, while inventories purchased and material consumed increased by 29.6% to RM113.5 million.
Foreign exchange losses narrowed 62.5% to RM2.1 million from RM5.7 million in the previous year, due to the MYR strengthening against the SGD and USD.
Other operating expenses increased by 18.3% y-o-y to RM9.0 million, mainly attributable to the increase in provision for inventories written down and transportation costs.
Income tax expenses were 32.1% lower at RM3.7 million compared to RM5.5 million a year ago.
In its outlook, DFI says the business environment which the group operates in is expected to remain challenging. As the group continues to pursue its strategies of improving operational efficiency and expanding its customer base through product and service quality, it will put in place strategies to strengthen its distribution and marketing channels to remain competitive and profitable in the next twelve months.
Shares in DFI closed at 20 cents on Thursday.
