Parkson Retail's net loss deepens to S$9.1m in Q3, revenue edges up 0.2% to S$98.6m

PARKSON Retail Asia's third quarter net loss deepened 24.4 per cent to S$9.1 million, from a net loss of S$7.3 million in the year-ago period, the group said in a Singapore Exchange filing on Tuesday evening.

For the nine months ended March 31, it posted a net loss of S$16.5 million, reversing a net profit of S$45.1 million in the corresponding quarter a year ago.

Revenue in its third quarter edged up 0.2 per cent to S$98.6 million from the previous year. This brings its revenue for the nine months ended March 31 to S$303.1 million, up 2.9 per cent from a year ago.

Same store sales declined across its operations in Malaysia, Vietnam, Indonesia and Myanmar in its third quarter. Headwinds like an increasingly crowded retail scene hurt sales in Vietnam, while uncertainties in Indonesia over the gubernatorial election of the capital city during the quarter dragged sales into the negative territory. In Myanmar, its store at FMI Centre, Yangon, was closed during the quarter, while its new store at Junction Square, Yangon, commenced operation only on March 17, 2017.

However, the sales drop was less severe in its Malaysia operations due to the dissipation of the after effects of goods & services tax (GST) implementation in the current financial period.

Loss per share widened to 1.35 Singapore cents, from a loss per share of 1.08 Singapore cents in the year-ago period. Net asset value per share eased to S$0.2 as at March 31, from S$0.23 in nine months ago.

Parkson Retail Asia shares closed unchanged at S$0.12 on Tuesday.