Duty Free International’s net profit skyrockets 45.3% to $4.5m

On the back of robust retailing of duty-free goods.

Despite the slower global economic growth, Singapore-listed Duty Free International Ltd. still enjoyed a 45.3% earnings increase in the second quarter of its FY 2017 which ended in August.

In an announcement filed in the Singapore Exchange, Duty Free revealed that its net profit soared to $4.5 million (RM 13.8 million).

This came as the group posted a 4.7% increase in revenue to to RM157 million from RM150 million in the same period last year.

"The growth was primarily due to the increase in retailing of duty free goods and non-dutiable merchandise section. The revenue growth came from an increase in sales volume, an improvement in the pricing of certain merchandise, and the contribution from new outlets at Kuala Lumpur International Airport 2," the group stated.

Duty Free International Executive Director Lee Sze Siang said the group is please to register an improvement in the half-year results.

"The results once again demonstrate that Duty Free International business is a resilient business. We remain cautious of the challenging operating environment ahead and it’s vital for us to maintain our agility and cost management within the Group,” he said.