Duty Free International (DFI)

Duty Free posts 20.7% fall in 1Q earnings to $2.4 mil despite higher revenue

SINGAPORE (July 11): Duty Free International (DFI) saw its earnings fall 20.7% to RM7.2 million ($2.4 million) for the 1Q20 ended May, compared to earnings of RM9.0 million in the corresponding quarter last year.

Earnings per share (EPS) fell to 0.60 sen for 1Q20, compared to 0.74 sen in 1Q19.

The decline was led by a surge in losses from change in inventories, which comprises the difference in the value of inventories at the beginning and at the end of the financial period reported on.

Duty Free International posts 7.2% increase in 4Q earnings to $3.3 mil

SINGAPORE (Apr 25): Duty Free International (DFI) reported 4Q19 earnings of RM10 million ($3.3 million), 7.2% higher compared to RM9.3 million in 4Q18.

This brings FY19 earnings to RM46.5 million, 11.6% higher than RM41.7 million in FY18.

Revenue for the quarter was 0.6% lower at RM167.5 million from $168.6 million last year, mainly due to decrease in demand for certain products and change in sales mix.

Losses from changes in inventories narrowed by 83.2% y-o-y to RM5.2 million, while inventories purchased and material consumed increased by 29.6% to RM113.5 million.

Duty Free reports more than trebling of 3Q earnings on higher sales and net foreign exchange gain

SINGAPORE (Jan 9): Duty Free International (DFI), the duty free and duty paid retail group in Malaysia with more than 40 outlets, reported earnings for 3Q19 ended Nov more than trebled to RM17.1 million ($5.6 million) from RM4.6 million a year ago.

3Q19 revenue rose 19.3% to RM157 million from a year ago mainly due to an increase in demand for certain products and the sales mix. There was also an increase of RM1.0 million in other operating income, attributable to interest and sundry incomes that the group had received.

Duty Free International reports 40% lower 1Q earnings of $3.1 mil on revenue slips

SINGAPORE (July 11): Duty Free International (DFI) posted earnings of RM9.05 million ($3.06 million) for the 1Q ended May, down 39.9% from RM15.05 million a year ago on lower revenue, donations and the absence of a gain arising from changes in fair value of option.

Revenue for the quarter fell 28.9% to RM117.4 million from RM161.1 million in 1Q18, largely due to a shortage of supply of certain popular products in the global market.

Meanwhile, operating expenses grew 26.8% to RM7.7 million compared to RM6.1 million a year ago as the group booked donations of RM3 million.

Duty Free posts 85% decline in earnings to $1.1 mil on forex loss

SINGAPORE (Jan 10): Duty Free International (DFI) saw its earnings plunge 84.7% to RM 3.3 million ($1.1 million) for the third quarter ended November 2017, down from RM 21.2 million a year ago.

This was mainly due to a net loss of RM 7.5 million in foreign exchange in 3Q18, compared to a net foreign exchange gain of RM 9.6 million a year ago, as a result of the strengthening of the Malaysian ringgit against the Singapore dollar and US dollar.

A series of unfortunate events for Duty Free International

SINGAPORE (July 14): CIMB is downgrading its rating on Duty Free International (DFI) from “add” previously to a “hold” with a lower target price of 33 cents.

This is due to a series of external events, which include a weak ringgit, flooding in southern Thailand and an unexpected GST rollout.

In line with CIMB’s full-year forecast, DFI reported a 1Q18 revenue of RM167.5 million ($53.7 million).

Duty Free’s 1Q earnings fall 24.1% to $4.8 mil on lower revenue

SINGAPORE (July 12): Duty Free International (DFI), the multi-channel duty free and duty paid retail group in Malaysia with over 40 outlets, has announced earnings of RM15.1 million ($4.8 million) for 1Q18 ended May 31, representing a 24.1% decline from the RM19.8 million posted in 1Q17 a year ago.

Revenue for 1Q18 fell 13.1% to RM167.5 million from RM192.6 million in 1Q17, largely due to lower demand from customers for certain products as well as the imposition of Goods and Services Tax (GST) at the border outlets and duty free zones with effect from Jan 1 this year.

Duty Free International readies war chest for M&A activities

SINGAPORE (April 28): UOB Kay Hian is maintaining its “buy” on Duty Free International (DFI) but with a lower target price of 49 cents as the group has built up a significant war chest of RM265 million ($85 million) in preparation of M&A activities.

However, the Thailand-Malaysian border towns continued to see weak sales due to the demise of King Bhumibol and flooding in southern Thailand.

Why Duty Free International investors have reason to keep smiling

SINGAPORE (Jan 16): CIMB continues to rate Duty Free International (DFI), the duty free retailing group in Malaysia, at “add” with a lower target price of 55 cents from 61 cents previously.

In a Friday report, analysts Ngoh Yi Sin and William Tng say they continue to like the stock for its cash generative business and strong balance sheet.

However, given the tourism slowdown in Thailand due to the passing of King Bhumibol on Oct 2016 as well as the recent flooding in Southern Thailand, they also expect the border town situation to remain challenging.

StarHub dropped from UOB Kay Hian’s alpha picks for Jan: Amended

SINGAPORE (Jan 10): UOB Kay Hian is dropping StarHub from its list of alpha picks for January after the stock’s “stellar performance” since its inclusion in Sept 2016.

UOB had included StarHub as a conviction “sell”, and the stock has duly fallen 17.6% against a 5.7% rise in the benchmark ST Index.

“Hence, we remove StarHub and replace it with DBS as we see its strong momentum continuing on the firm outlook of interest rates,” says UOB’s Singapore research team in a report on Tuesday.

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