Parkson Retail Asia deepens loss in Q3

PARKSON Retail Asia posted a net loss of S$3.1 million for the third quarter ended Dec 31, deepening from S$2.2 million a year ago.

Revenue for the quarter ticked up marginally by 0.9 per cent to S$112.1 million from S$111.1 million a year ago.

Loss per share stood at 0.46 Singapore cent, deepening from a loss of 0.33 cent previously. No dividend was declared for the quarter.

In a filing to the bourse, the group said that given the strenuous operating environment, it had been monitoring its store performances closely. While the group continues to expand its department store network at selective locations, it had also taken steps to retire underperforming stores. A total of three underperforming stores were closed for the six-month period ended Dec 31, it said.

In its outlook, Parkson Retail Asia said that its operating environments for the second half ending June 30 are expected to remain challenging over subdued consumer sentiment and stiff competition, though festive buying during Lunar New Year in February and Hari Raya in June may provide some support to the group's performance.

There are also uncertainties arising from Malaysia's General Election and Indonesia's local election, both expected to be held in 2018, said the group.