Despite Revenue Jumping 81% MyNews Continues Losses

Convenience store operator, Mynews recorded a revenue of RM170.20 million for the quarter which was RM76.31 million or 81.3% higher than the preceding year’s corresponding quarter, while its number of outlets increased from 515 to 573 or 11%.

Gross profit increased by 115.4% to RM60.55 million from RM28.11 million while its margin increased to 35.6% from 29.9%. The improved revenue was principally contributed by the increase in in-store sales as our business and social activities in the country were no longer restricted. Also contributing to the increase is the higher number of outlets in the current quarter.
There was a decrease in other income by RM1.74 million, mainly due to the absence of the government’s Wage Subsidy Programme which contributed a sum of RM1.52 million in the preceding year’s corresponding quarter.

The company made a loss before taxation of RM2.34 million despite third quarter 2022 performance improved significantly, by 86%, over the RM16.7 million loss of the corresponding quarter of the year 2021. This was against the backdrop of a gestation period of the one-year-old CU business, and the aggressive opening of new stores that have crimped the bottom line.

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