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Parkson Retail Asia narrows loss in Q1

DEPARTMENT store operator Parkson Retail Asia posted a net loss of S$11.1 million for the first quarter ended Sept 30, narrowing slightly from a loss of S$12.9 million a year ago.

The group said that this reflected an improvement in operational results of its Malaysia and Indonesia operations, in addition to the effect of store closures as well as disposal of the group's investment in a loss-making subsidiary in FY2018.

Revenue ticked up 1.7 per cent to S$92.6 million, due to an improvement in same-store sales growth in Malaysia and Indonesia.

Loss per share stood at 1.65 Singapore cents, narrowing from 1.92 cents previously.

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No dividend was declared for the quarter.

Parkson Retail said that it remains cautious of the outlook of the group in the coming quarters given the various macro level uncertainties, such as the China-US trade war, Malaysia's policy direction and the upcoming Budget 2019, and Indonesia's presidential and general elections.

"We will continue to prioritise on enhancing product offerings as well as on optimising both our operational efficiency and network of stores," it said.