Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Nov 22): Parkson Holdings Bhd's net loss narrowed in its first quarter ended Sept 30, 2017 (1QFY18) to RM43.53 million from RM62.57 million previously, thanks to the turnaround of its retail operations in China.

Quarterly revenue grew 4% year-on-year to RM916.81 million from RM878.24 million, its Bursa Malaysia filing showed.

Parkson said its Chinese retail ops — the major revenue contributor of the group's retail ops — posted RM1 million operating profit, against a loss of RM49 million a year ago.

However, apart from Parkson China, which recorded positive same store sales of 1.4%, the group's retailing operations elsewhere showed negative growth.

In Malaysia, a higher operating loss of RM27 million was recorded in the quarter under review, largely due to the absence of Hari Raya buying following a shift in festive calender, Parkson said. Similarly, its Indonesian operations registered an operating loss of RM8 million, on the absence of festive spending following the shift in the Lebaran celebration.

Meanwhile, operating losses for the group's consumer financing business carried under Parkson Credit narrowed, in line with higher revenue.

Looking forward, Parkson expects to produce stronger results in the next quarter due to the impending year-end festivities.

"The group will continue with its transformation strategies and gear towards the upward sales trend as seen in the past few quarters for our China retailing operations," it added.

Parkson, however, remains watchful of operations in the Southeast Asian region due to fragile consumer sentiment and stiff competition.

The counter rose one sen or 1.68% today to close at 60.5 sen, for a market capitalisation of RM661.81 million.

      Print
      Text Size
      Share