MALAYSIA. Duty Free International (DFI) reported a -42.9% year-on-year decline in first-quarter operating profit to RM3,914,000 (US$834,187) for the period ended 31 May.
The group attributed the sharp fall to foreign exchange losses and higher employee benefits expenses.
Q1 revenue however grew slightly by +3.2% year-on-year to RM38.31 million (US$7.55 million).
The closure of a Kuala Lumpur International Airport store was offset by a post-pandemic recovery in travel and tourism, effective strategic advertising and the expansion of product offerings, the group noted.
DFI operates duty-free retail stores, complexes and trading outlets at all leading entry and exit points in Peninsular Malaysia, including assets in airports, seaports, downtown, border towns and popular tourist destinations. These locations include Johor Bahru, Bukit Kayu Hitam, Senai International Airport, Padang Besar and Langkawi. ✈
