Simply put, MYR is slowly sinking because of reduced revenue. No amount of online sales increases or cost cutting is going to improve that, as the H1 result clearly shows.
Sales were down -3.6%.
This reduced EBIT by -34.9%, from $95.2m to $62.0m
This time next year, if sales continue to reduce, as expected, we would expect to see EBIT of less than $40m and a NPAT of $20m. Not very encouraging on sales of over $1.6b. And remember this is H1, when they are meant to make their profit.
Big changes need to happen. 2018 needs to be the year of change and innovation for MYR.
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