KUALA LUMPUR (Sept 26): MyNews Holdings Bhd continued to bleed in the third quarter ended July 31, 2023 (3QFY2023) after it posted a wider net loss of RM2.16 million compared with RM1.45 million reported in the same period last year, mainly due to higher selling and distribution costs.

Quarterly revenue, however, rose by 9.16% to RM185.79 million from RM170.20 million, fuelled by the increase in number of outlets and improvement in overall in-store sales.

For the nine-month period ended on July 31, 2023 (9MFY2023), the group’s net loss narrowed to RM11.65 million against a net loss of RM19.54 million posted last year, while revenue inched higher by 20.71% to RM544.08 million from RM450.73 million.

On a quarterly basis, the group’s net loss also narrowed from a loss of RM6.30 million in the immediate preceding quarter while revenue increased by 6.65% from RM174.20 million.

Looking ahead, the group expects its sales performance to improve, driven by its growing store network and ongoing efforts to increase in-store sales through improved product mix and retail strategy.

“Through innovation, the group has established an array of store concepts for its core retail business. The concepts are positioned according to their suitability at selected locations.

“myNEWS CVS (convenience store) is a popular grab-and-go convenience store that can go many places, CU is a food centric Korean concept CVS that attracts the young and the K-culture followers, WHSmith is a popular air travel retail store and SUPERVALUE is an upcoming neighbourhood minimart,” it said.

MyNews re-designs Group CEO as its new chairman

In a separate local bourse announcement, the group announced the resignation of its executive chairman, Ding Lien Bing effective Sept 30.

The filing states that Ding has fulfilled the objective of his appointment and has resigned because of time constraints arising from his other ongoing personal commitments.

He will however continue to play the role as an advisor to the management of MyNews.

“Ding has fulfilled the objective of assisting the management in streamlining the business for post-pandemic recovery,” read the filing.

Following Ding’s resignation, the group has re-designated its Group CEO, Dang Tai Luk as its new chairman.

In turn, Tai Luk’s position as Group CEO will be taken over by Dang Tai Wen who is currently the deputy Group CEO.

Tai Luk and Tai Wen are brothers. They have another brother, Dang Tai Hock, who is an executive director of Mynews. Together, they are shareholders of D&D Consolidated Sdn Bhd, a major shareholder of MyNews.

Shares in MyNews closed three sen or 5.8% higher to 55 sen, giving it a market capitalisation of RM412.7 million.