KUALA LUMPUR (March 26): MyNews Holdings Bhd (KL:MYNEWS) reported a 206% surge in net profit for the first quarter ended Jan 31, 2025 (1QFY2025), driven by an increase in store openings and improved in-store sales.

Net profit for 1QFY2025 was RM3.87 million, up from RM1.27 million in the same quarter a year ago, the retail convenience chain said in a filing on Wednesday. Earnings per share rose to 0.52 sen versus 0.17 sen in 1QFY2024.

Revenue for the quarter rose 10.4% to RM215.87 million from RM195.52 million a year ago, supported by the addition of 35 new outlets and stronger consumer spending at its retail stores, which include myNEWS, CU, WHSmith, SUPERVALUE and Maru Coffee.

No dividend was declared for the quarter.

On a quarter-on-quarter basis, MyNews' net profit increased 3% from RM3.76 million, as revenue improved 3.6% from RM208.44 million in 4QFY2024.

Commenting on its prospects, the group expects business volume to grow from the ongoing opening of new outlets, higher foot traffic in tourist destinations’ outlets as well as cross-platform loyalty programme expansion across all its brands.

“While there is concern on the increase in labour cost due to the increase in minimum wage, there are options available to minimise the impact,” MyNews said. For the record, the previous minimum wage increase had not had a significant negative impact on the company’s performance, it said.

Shares of MyNews closed 2.5 sen or 4.35% higher at 60 sen on Wednesday, valuing the group at RM450.21 million.