Duty Free International has reported earnings of RM4.5 million, up 159% y-o-y from RM1.72 million.  Revenue in the same period was up 50.5% y-o-y to RM37.1 million, as its various outlets have resumed operations.

In contrast, it was only able to keep three of its outlets open in the year-earlier quarter because of how the pandemic put a halt on travel.

The company sees "encouraging signs" of ongoing economic recovery.

However, it expects the business environment in which it operates to remain challenging for the current FY2024, because of higher operating costs, inflationary pressures, and a weaker ringgit versus other major currencies.

"The group will continue its efforts to enhance operational efficiency and effectiveness including stringent cost control measures whilst concurrently strategise, adapt and navigate through the ever-changing business environment so as to ensure that its core businesses remain resilient," the company says.

Duty Free international shares closed July 10 at 16 cents, unchanged for the day, and up 30% year to date.

Duty Free International reports higher earnings with travel resuming

Data is the new oil but is it as dirty?

'Transition credits' could sweeten deal for early retirement of coal-fired power plants: MAS, McKinsey paper

DPM Lawrence Wong appointed as GIC’s deputy chairman

Will the Rising Sun keep rising?

Fed signals higher-for-longer rates with hikes almost finished

A mild retreat by risk-free rates won’t help equities to rally 

RHB pegs ISOTeam’s TP at 5 cents after rights issuance

China discovers adventure tourism

Safeguarding crypto investments through interoperability

Tech news in less than 5 minutes – October 2023

Double clicking on getting the most out of generative AI with Google Cloud

Three Arrows Capital's Zhu arrested while trying to leave via Changi Airport

Enterprise Singapore developing new local, international sustainability standards and accreditation schemes

Newly rebranded GROW with Singlife focuses on dialling up the 'human touch' for advisers and investors

For the globetrotter, the World Is Yours Dual Timezone by Jacob & Co is an absolute essential

The Powder Shampoo’s Lynn Tan reflects on a year of eco-conscious success and challenges

A massage and a meal

Should you consider diversifying beyond public markets? 

The Fed has rained on the parade, but investing locally retains its positives

Where are the Chinese when you need them?

Keppel Corp seeks name change to 'Keppel' to reflect new structure

DBS keeps 'buy' call and 18 cents target price on Seatrium

Mapletree’s group of REITs are a ‘great place to be in’, says DBS

Why it’s worth taking a closer look at Keppel REIT’s portfolio

Boustead Singapore is 'big, bold and beautiful', says OCBC

Duty Free International reports higher earnings with travel resuming

Related News

Highlights

Data is the new oil but is it as dirty?

Related News

Duty Free International is back in black with 165% increase in earnings for 1HFY22

Winners and losers from Singapore's budget as election looms

Duty Free posts 12.6% fall in 2Q earnings to $4.1 mil on lower sales