BURSA BRIEF: MyNews, PT Resources, Poh Kong

MyNews revenue up 81% in 3Q on higher in-store sales

Mynews Holdings Bhd has narrowed its net loss in its third quarter ended July 31, 2022 (3QFY22) on the back of an improved turnover principally contributed in-store sales increase in the post-pandemic environment and a higher number of outlets. The convenience retail chain store posted a net loss of RM1.45 million compared to net loss of RM14.92 million in 3QFY21. Its revenue was RM170.20 million, up 81.3% from the same period last year. Its number of outlets increased to 573 from 515 in this quarter, it said in an exchange filing yesterday.

It said its performance has improved significantly against the backdrop of a gestation period of the one-year old CU business, and the aggressive opening of new stores that has crimped the bottom line.

The 3QFY22 revenue was 20.6% higher than the immediately preceding quarter of RM141.10 million, with the gross profit increased by RM12.70 million or 26.5% while the average gross profit margin increased to 35.6% from 33.9%. The increase in margin was contributed by a better margin from CU operation and improvement in inventory wastage control, it said. CU is the largest convenience store in South Korea.

Frozen seafood supplier PT Resources see surge in business

Frozen seafood products supplier PT Resources Holdings Bhd saw its net profit surge 60.8% to RM7.52 million in the first quarter ended July 31, 2022 (1QFY23) compared to the same period last year. Its revenue was up 55.7% to RM115.28 million, mainly driven by the increase in domestic demand amidst a more positive outlook upon transition to the COVID-19 endemic phase effective 1 April 2022, it said in a filing to the local exchange.

The increase in the group’s revenue translated to an increase in gross profit by RM4.2 million or 46.7% to RM13.2 million in the quarter under review. Nevertheless, it said the group recorded a gross profit margin of 11.4% in the 1QFY2023, which was 0.7 percentage point lower as compared to 1QFY22, mainly due to the competitive pricing of its frozen seafood products accorded to local wholesalers in order to secure more orders from these wholesalers.

The group said it remained committed to growing demand for its products domestically by strengthening access to channel partners and establishing more MO FoodmartTM outlets, prioritising the East Coast region of Peninsular Malaysia. For its international markets, it said it will look to further increase supply to China and the Middle East in view of easing of global COVID-19 export-import requirements.

Its operating subsidiaries namely MHC Coldstorage Sdn Bhd, MO Foodmart Sdn Bhd  and HGMC Holding Sdn Bhd are principally involved in the processing and trading of frozen seafood products, and trading of other products.

Jewellery retailer Poh Kong posts RM30m net profit in 4Q

Jewellery retailer Poh Kong Holdings Bhd has posted a net profit of RM29.84 million for the fourth quarter ended July 31, 2022 (4QFY22), compared to a net loss of RM13.26 million in the same period last year. This is on the back of a big jump in its revenue as a result of the rising demand for gold jewellery and gold investment products with the rebound of the economy, it said in an exchange filing yesterday. It posted a revenue of RM414.66 million in the latest quarter, up 384% from the same period last year. For the full year, it posted a net profit of RM92.20 million, up from RM36.76 million last year, on the back of revenue of RM1.36 billion, up 51% from RM903.10 million last year. The company has declared a first interim single tier dividend of 1.00 sen per ordinary share  payable on Nov 30.