Partial disposal gain lifts Parkson's Q1

Singapore

DEPARTMENT store operator Parkson Retail Asia chalked up a net profit of S$49.46 million for the first quarter of FY16, up from S$6.87 million, lifted by a gain on the partial disposal of a stake in its former subsidiary, Parkson Hanoi Co.

The bottom line was bolstered by other income, which rose to S$50.15 million and included the S$46 million gain from Parkson Hanoi. Following the disposal, Parkson Hanoi is now an associate company.