Kimly on Nov 26 announced that its FY2020 earnings have increased by 25.8% t0 $25.2 million from $20.1 million a year ago.

This came on the back of a 1.2% y-o-y increase in revenue to $210.8 million. The group attributed the revenue growth to increased contribution from its food retail division which saw increased food delivery demand during the circuit breaker period, as well as and its newly diversified outlet investment business division.

The increase however was partially offset by lower contribution from the outlet management division, which saw a 7.0% y-o-y decrease, mainly due to decrease in beverage and tobacco product sales, mainly affected by the dine-in restrictions during the circuit breaker, as well as the drop in rental income from provision of cleaning services as the group passed on rental and property tax rebates granted by landlords to the stall tenants.

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