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Parkson Retail Asia in the red in Q2

Tuesday, February 14, 2017 - 17:43

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PARKSON Retail Asia sank into the red with a net loss of S$2.23 million for the second quarter ended Dec 31, 2016, versus a net profit of S$2.9 million a year ago.

PARKSON Retail Asia sank into the red with a net loss of S$2.23 million for the second quarter ended Dec 31, 2016, versus a net profit of S$2.9 million a year ago.

The losses were due to de-leveraging impact from weak same store sales growth recorded by the group's operations as well as losses incurred by certain new stores and new businesses.

This is despite a 7.4 per cent year on year rise in revenue to S$111.14 million.

Loss per share came to 0.33 cent, vis-a-vis earnings per share of 0.43 cent previously.

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For the six months ended Dec 31, the group chalked up a net loss of S$7.42 million, compared to a net profit of S$52.36 million. Revenue was up 4.2 per cent to S$204.48 million.

Parkson Retail Asia said that its performance in Malaysia will remain muted in the next reporting quarter over fragile consumer sentiment, while the performance in Vietnam will be challenging over rising competition in the local retail scene.

Meanwhile, its operations in Indonesia in the next reporting quarter could be affected by the changing retail landscape in Jakarta, it added. Its store at FMI Centre in Yangon will be closed in Q3FY17 due to redevelopment of the property by the landlord. A replacement store is slated to open later in the financial year.

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