KUALA LUMPUR (Feb 24): Padini Holdings Bhd’s net profit increased 20.1% to RM73.14 million for its second quarter ended Dec 31, 2022 (2QFY2023) from RM60.89 million a year earlier. Earnings per share rose to 11.12 sen from 9.26 sen.

The clothes retailer attributed the higher earnings to the continued recovery from the pandemic, which also resulted in a 19.3% growth in quarterly revenue to RM509.48 million from RM427.17 million.

Padini declared a third interim dividend of 2.5 sen per share, to be paid on March 31.

For the first six months of FY2023, Padini's net profit improved 117.1% to RM122 million from RM44.03 million in the previous corresponding period.

Six-month revenue increased 74.7% to RM888.57 million from RM508.56 million due to all of its outlets operating at full capacity.

“Despite the potential challenges, we are cautiously optimistic of performing satisfactorily for the current financial year,” said Padini in a filing with Bursa Malaysia.

Management will continue to provide value for money products and implement measures to control costs, optimise working capital, preserve cash and streamline operations to minimise any adverse impacts, it added.

Padini’s share price closed five sen or 1.37% higher at RM3.70 on Friday, giving it a market capitalisation of RM2.43 billion.