Malaysian convenience store chain MyNews swung to a net profit of RM1.18 million (US$250,081) in the first quarter, attributed to higher sales.

The company’s revenue went up 6.2 per cent to RM195.52 million while gross profit rose 15.5 per cent to RM9.68 million and margin improved to 36.8 per cent.

“Barring any unusual seasonal changes and unforeseen circumstances, MyNews is confident that the worst is over and expects that its performance will continue to improve,” the company said.

Currently, the retailer operates 468 MyNews, 132 CU, and 19 WHSmith outlets.

The company expects the number of stores to increase faster and sales revenue to grow in parallel with the expanding network and efforts to boost in-store sales this year.

It also anticipates the capacity of its food production centre to continue to increase, driven by the increasing sales on the retail front.