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PARKSON Retail Asia issued a profit guidance for its financial year ended June 30, 2017.
The group is expecting to report a net loss of approximately S$62 million for FY2017 as compared to a net profit of S$30 million a year ago.
The anticipated loss for FY2017 is mainly attributable to non-operational impairment charges on property, plant and equipment, and goodwill. In comparison, the profit for FY2016 included a gain on partial disposal of a former subsidiary of S$47 million.
Operationally, the group said its performance in FY2017 was impacted by overall tepid or negative same-store sales growth, and gestation period of new stores and new ventures. This profit guidance is based on a preliminary review of the unaudited financial results for FY2017.
Further details of the group's performance will be disclosed when the unaudited financial results for FY2017 are released. In the meantime, shareholders and investors are advised to exercise caution when dealing in the shares of the company.