PETALING JAYA: A faster-than-expected sales recovery is a key potential re-rating catalyst for fashion retailer Bonia Corp Bhd, whose sales performance has been hampered by the Covid-19 outbreak, CGS-CIMB said in a report to clients.
The research house added that the group’s streamlining efforts for its overall operations should allow it to record a profitable financial year 2020 (FY20) and a better FY21 from a recovery in sales.
“Bonia recorded a nine-month FY20 core net profit of RM15.1mil (excluding one-offs, such as a RM5.1mil provision in impairment loss on receivables), up 51% year-on-year (y-o-y) despite a 11.4% y-o-y decline in revenue.
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