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Parkson Retail Asia narrows Q4 losses

PARKSON Retail Asia's net loss for the fourth quarter ended June 30, 2018 narrowed from S$41.71 million to S$18.58 million due to lower expenses.

Revenue for the quarter under review dipped 3.1 per cent to S$106.2 million as its stores in Malaysia, Vietnam and Myanmar recorded negative same store sales growth. Meanwhile, loss per share came to 2.76 Singapore cents, down from 6.19 Singapore cents a year ago. 

For the full year, net loss was reduced from S$58.22 million previously to S$42.39 million, while revenue was nearly flat at S$413.89 million. Other expenses fell by 28.2 per cent to S$69.1 million mainly due to lesser impairment charges on property, plant and equipment (PPE) and intangible assets, lower allowances for doubtful debt recognised as well as reversal of impairment of PPE for closed stores.

Parkson said: "We have been taking active measures in monitoring and assessing the viability of stores and ventures. With ongoing measures in place to rebuild topline growth and monitor expenditures, coupled with the discontinuance of underperforming stores and ventures in FY2018, the group expects its performance will show improvement in the coming financial year."