Duty Free International Limited Reports 1Q2020 Performance
- 1Q2020 revenue rose by 15.5% to RM135.6 million on the back of revenue contributions mainly attributable to its newly acquired Brand Connect Group
- Robust cash and cash equivalents position of RM273.3 million
SGX Mainboard listed Duty Free International Limited (SGX:5SO) (“DFI”, the “Company”, or collectively with its subsidiaries, the “Group”), the largest multi-channel duty free and duty paid retail group in Malaysia with strategic locations across Peninsular Malaysia, today announced its financial results for its three months ended 31 May 2019 (“1Q2020”), recording a 15.5% Y-o-Y increase in revenue to RM135.6 million and net profit stood at RM7.8 million.
Given the present economic outlook and increasingly competitive business environment as well as cautious consumer spending, the Group’s business performance is expected to remain soft and challenging due to macroeconomic trends such as slower global growth. The Group will continue its efforts in optimising operational efficiency and effectiveness by close monitoring of the key cost drivers and improving its core business in order to remain resilient in the retail industry.