PETALING JAYA: Mynews Holdings Bhd net profits fell by 62.9% to RM3.04 million in its first quarter ended Jan 31, 2020 from RM8.17 million reported in the same quarter of the previous year, due to expansion costs and losses from its bakery and ready-to-eat manufacturing segments, higher depreciation and interest costs.
Revenue for the period stood at RM140.58 million, a 13.8% increase from RM123.5 million reported previously.
In its Bursa disclosure, the group stated that it remains cautiously optimistic of its growth in the longer term.
“Given the current situation, we are closely monitoring the current weak market sentiments caused by the Covid-19 pandemic and economic uncertainties,” it said.
Mynews added that it will focus its effort on increasing efficiencies and optimising cost, and “tread mindfully” with its expansion plans.
