New business and old ties on agenda as Modi tours Europe
NEW DELHI, May 25 — Indian Prime Minister Narendra Modi will depart Monday for a four-nation tour of Europe that will include strategic talks with historic ally Russia and with key trading partner Germany. Modi will first be hosted by…
KL shares turn mixed at mid-morning, benchmark barometer trending higher
KUALA LUMPUR, May 25 — Bursa Malaysia turned mixed at mid-morning today with the benchmark barometer trending higher on buying support for index-linked heavyweights but weaker on broader market, dealers said. At 11.01am, the benchmark FTSE…
7-Eleven ‘excited’ to be first retailer to launch Alipay
PETALING JAYA: 7-Eleven Malaysia Holdings Bhd, which became the first retailer to accept Alipay, registered a pre-tax profit of RM10.9 million for the first quarter ended March 31, 2017 from RM22.29 million a year ago due to lower revenue and gross profit.
In a filing with Bursa Malaysia yesterday, the group said its pre-tax profit was also affected by the increase in selling and distribution cost due to new store expansion as well as the minimum wage increase which took effect on July 1, 2016.
Sales were impacted by operational issues faced by third party logistics provider in delivering products to stores. These issues have since been resolved.
Revenue for the quarter fell marginally to RM522.53 million from RM526.25 million a year ago due to the ongoing softness in the retail market. However gross profit margin expanded 0.2% points compared with a year ago.
“In the first quarter of 2017, we have continued to hold our dominant position in the market. We remain confident that continuous store expansion, refurbishment, promotional activity, improved merchandise mix and expanded in-store services will continue to deliver positive results despite the challenging headwinds,” said its CEO Gary Brown.
The group opened 37 new stores in the first quarter, resulting in a total store network of 2,154 stores as at end March 2017.
“We are excited to be the first retailer in Malaysia to launch Alipay. Last year there were approximately 2.1 million tourists from China and this is expected to grow to about 3.5 million in 2017, making 7-Eleven Malaysia a very attractive destination for those tourists to shop using their Alipay E-Wallet,” said Brown.
The group expects bill payment services to continue growing, with Tenaga Nasional Bhd to launch soon, and be well accepted by consumers.
Moving forward, the group expects trading conditions to remain challenging due to continued weak consumer confidence/spending and current macroeconomic conditions.
AirAsia plans separate firm for event ticketing business
PETALING JAYA: AirAsia Bhd plans to create a separate entity for its event ticketing business, known as Redtix, by acquiring a dormant sheel company and renaming it RedTix Sdn Bhd (formerly known as Rokki Media Sdn Bhd) from Rokki Media Holdings Sdn Bhd.
In a filing with Bursa Malaysia yesterday, AirAsia said floating the event ticketing business as a separate entity would enable it to have an independent and focused management to drive RedTix’s operations.
Its current directors are Sami Joseph El Hadery and How Kim Lian (nominee of AirAsia).
RedTix is a department within AirAsia, focusing on events and entertainment ticket sales. According to its website (AirAsiaRedTix.com), RedTix partners with premier event organisers and promoters in Asia and globally.
The platform allows customers to discuss, review and book tickets to an international line-up of concerts, sporting events, musicals, theatre performances and others. It also provides the latest music and entertainment news, tour dates and event calendars, among others.
KL shares open higher, tracking trend on regional bourses
KUALA LUMPUR, May 25 — Bursa Malaysia opened higher today, tracking the trend on regional bourses as well as the stronger Wall Street following the release of the Federal Reserve System’s (Fed) minutes yesterday, dealers said. At 9.11am, the…