KUALA LUMPUR (Nov 27): Fashion retailer Padini Holdings Bhd has started the new financial year on the right note as net profit for the first quarter ended Sept 30 rose by 9.15%, thanks to improved sales.

Net profit amounted to RM19.61 million or 2.98 sen per share, versus RM17.96 million or 2.73 sen per share last year, while revenue rose to RM338.04 million from RM329.79 million, according to a filing with Bursa Malaysia today.

The group has declared a dividend of 2.5 sen per share for the financial year ending June 30, 2020 (FY20), payable on Dec 31.

On its prospects, the group said it is confident of turning in another profitable year in spite of the challenging economic environment and rising costs. “The management will continue to be vigilant to the changes in the external environment and take necessary actions, including reviewing our cost structure in order to maintain long-term sustainable growth,” said Padini.

The share price of Padini, which has declined 36.5% over the past year, was 14 sen or 3.87% lower at RM3.48 today, valuing the company at RM2.29 billion.