Duty Free International has reported earnings of RM4.5 million, up 159% y-o-y from RM1.72 million. Revenue in the same period was up 50.5% y-o-y to RM37.1 million, as its various outlets have resumed operations.
In contrast, it was only able to keep three of its outlets open in the year-earlier quarter because of how the pandemic put a halt on travel.
The company sees "encouraging signs" of ongoing economic recovery.
However, it expects the business environment in which it operates to remain challenging for the current FY2024, because of higher operating costs, inflationary pressures, and a weaker ringgit versus other major currencies.
"The group will continue its efforts to enhance operational efficiency and effectiveness including stringent cost control measures whilst concurrently strategise, adapt and navigate through the ever-changing business environment so as to ensure that its core businesses remain resilient," the company says.
Duty Free international shares closed July 10 at 16 cents, unchanged for the day, and up 30% year to date.
