Store increase and better product mix give Mynews improved revenue in Q3

Mynews Holdings posted a revenue of RM97.88 million for the third quarter of its financial year which ended on 31 July 2018 (Q3 2018). This was a 19.8% increase from the same period last year. According to the financial statement, the "improved performance" is due to the growth in the number of stores, better product mix and a higher operational income.Meanwhile, Mynews Holdings saw its operating expenses, which comprised mainly of establishment, staff and marketing costs, increase by 32.3% to RM27.94 million during Q3 2018. The operating expenses were in tandem with the increase in number of outlets from 338 to 404 stores as of 31 July 2018, the financial statement read. About RM0.65 million in relocation expenses to the new head office was also included in the operating expenses, as well as higher establishment costs and the cost of commencing the operations of the Johor Bahru Distribution Centre.Mynews said its transformation initiatives to bring the company to the next level and become more competitive are "proceeding on schedule". Its food processing centre is expected to complete by the end of Q1 2019 and the board is confident of the growth and sustainability of the business.