GEM COMM: Duty Free International Posts Third Quarter Results
13 Jan 2020
- Steady Revenue growth of 25.6% in 3Q2020
- Cash position remains robust, cash and cash equivalents increased by RM45.1 million to RM341.2 million in 3Q2020
- Announced Capital Reduction exercise plan to improve shareholders’ return on equity
GEM COMM SGX Mainboard listed Duty Free International Limited (SGX: 5SO), the largest multi-channel duty free and duty paid retail group in Malaysia with strategic locations across Peninsular Malaysia, today announced its financial results for its third quarter (“3Q2020”) and nine months (“9M2020”) ended 30 November 2019.
During the fiscal quarter, the Group proposed to undertake a Capital Reduction exercise to return to shareholders its surplus capital through a cash distribution of S$0.035 for each ordinary share in the share capital of the Group held by its shareholders. The Group plans to seek shareholders’ approval for the Capital Reduction exercise at Extraordinary General Meeting which will be convened on a later date. Against the backdrop of the increasingly competitive business environment and current economic condition of foreign currencies volatility, particularly the Ringgit Malaysia against the US Dollar, the Group anticipates its business to remain challenging for the remaining quarter of FY2020. The Group will continue its efforts to enhance its operational efficiency including stringent cost control measures while concurrently implementing several initiatives to widen its customer base in order to remain competitive in the retail industry.