KUALA LUMPUR (Aug 29): 7-Eleven Malaysia Holdings Bhd saw a 32.7% decline in net profit to RM10.15 million in the second quarter ended June 30, 2017 (2QFY17) from RM15.07 million a year ago, dragged by higher selling and distribution expenses. In a filing with Bursa Malaysia today, 7-Eleven Malaysia said its selling and distribution expenses increased by 17.1% year-on-year mainly due to impact of minimum wage which came into effect on July 1, 2016, new store expansion and depreciation, as well as inventory shrinkages. The group's earnings per share fell to 0.91 sen in 2QFY17 from 1.27 sen in 2QFY16. On prospects, 7-Eleven Malaysia is of the view that the trading conditions for the remaining period of the current financial year ending Dec 31, 2017 are expected to remain challenging. 7-Eleven Malaysia shares closed one sen or 0.72% higher at RM1.39 today, with 1.38 million shares done, bringing a market capitalisation of RM1.54 billion.

Source: The Edge Markets August 29, 2017 11:35 UTC