In line. AEON’s 1QFY12/10 net profit of RM41.2m was within our and consensus expectations, accounting for 28% and 29% of our and consensus forecasts respectively. As expected, no dividend was declared during the quarter. Yoy, net profit jumped 58.0% on the back of:
1) 4.7% increase in revenue due to contributions from AEON Melaka 2 (opened in Feb 10) coupled with SSS growth of 3-4% yoy in 1Q10; and
2) improving retail EBIT margin by +3.0%-pt yoy.
AEON Co Berhad : Earnings Impact From 1U Contract Well Buffered - 19/5/2010
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