Parkson Retail Asia's Q1 profit bolstered by partial disposal of former subsidiary

DEPARTMENT store operator Parkson Retail Asia reported a surge in net profit to S$49.5 million for Q1FY16, up from S$6.86 million, lifted by a S$46 million gain on partial disposal of a stake in a former subsidiary, Parkson Hanoi Co.

Revenue for the first quarter ended Sept 30 fell 15.7 per cent year on year to S$92.69 million in line with lower gross sales proceeds.

Earnings per share came to 7.3 Singapore cents, up from 1.01 cents previously.