KUALA LUMPUR: Subdued consumer sentiment and growing competition in China have dragged Parkson Holdings Bhd deeper into the red for the fourth quarter ended June 30, 2016 (4QFY16).

Net loss widened to RM95.8 million or 9.09 sen per share, from RM87.19 million or 8.39 sen a share in 4QFY15, as the group’s retailing business in China reported a loss of RM41.79 million against a profit of RM11.58 million previously. Parkson’s property and other segments’ losses also widened to RM15.49 million from RM5.28 million a year earlier.

In a filing with Bursa Malaysia, the department store operator said revenue grew 2.8% to RM884.09 million from RM860 million in 4QFY15, driven by higher sales registered by its Malaysian and Indonesian retailing business.

For the full financial year (FY16), Parkson reported a net loss of RM89.48 million or 8.3 sen a share, mainly due to poor showing by its China retailing business and its property and other segments, which recorded losses of RM90.65 million and RM27.47 million respectively. This was the first full-year net loss for Parkson since FY07. Annual revenue grew 3.7% at RM3.88 billion from RM3.74 billion in FY15.

Parkson said it would continue to execute its strategies to achieve its vision of transforming into a lifestyle concept retailer. On its China business, the group said Parkson China is adaptive to changing consumers’ demands and has worked through difficult times in the past.