KUALA LUMPUR (Dec 21): MyNews Holdings Bhd returned to the black in the fourth quarter ended Oct 31, 2023 (4QFY2023) with a net profit of RM947,000, compared with a net a net loss of RM82,000 a year earlier, on the back of a higher revenue.

The convenience store operator had also recorded net losses of RM2.16 million in 3QFY2023, RM6.28 million in 2QFY2023, and RM3.21 million in 1QFY2023.

Quarterly revenue increased 3.08% to RM186.16 million from RM180.6 million in 4QFY2022, mainly driven by the increase in the number of outlets and improvement in the overall in-store sales, the group said in a bourse filing on Thursday.

For the full year, MyNews narrowed its net loss to RM10.7 million from RM19.62 million in FY2022, with revenue rising 15.67% to RM730.24 million from RM631.33 million.

MyNews said it is currently operating a total of 610 outlets, made up of 460 myNEWS (including 26 Supervalue) stores, 131 CU outlets and 19 WHSmith stores.

"The rate of growth in the number of new stores will increase in FY2024. Therefore, we expect the sales revenue to grow with the growing store network and ongoing efforts in increasing the in-store sales through improving product mix and retail strategy," it said.

The group also expects its food processing centre — ready-to-eat meals and bakery products to serve its retail chains — to continue its improvement trend driven by increasing sales on the retail front.

Additionally, the recovery of the air travel industry continues to boost the group's WH Smith stores, which are located within Malaysia's airports, said MyNews.

Shares in MyNews closed unchanged at 51.5 sen on Thursday, giving the group a market capitalisation of RM382.72 million.