KUALA LUMPUR (Feb 24): Aeon Co (M) Bhd's net profit fell 6.8% to RM49.88 million for the fourth financial quarter ended Dec 31, 2019 (4QFY19) from RM53.54 million a year ago, on higher interest expense and lower share of results of associates during the quarter under review.

This resulted in a lower earnings per share of 3.55 sen for 4QFY19 compared with 3.81 sen for 4QFY18.

Revenue for the quarter rose 5.4% to RM1.17 billion from RM1.11 billion a year ago, on higher contributions from both its retail business and property management services segments.

Aeon Co is proposing a final dividend of 4 sen per share for the financial year ended Dec 31, 2019 (FY19) for the approval of its shareholders at the forthcoming annual general meeting.

Nevertheless, the group managed to post a 4% increase in net profit to RM109.29 million for the full year FY19, from RM105.12 million in FY18, while revenue grew 4.3% to RM4.54 billion from RM4.35 billion in the previous year.

Going forward, Aeon Co said the Covid-19 outbreak has affected the economy in general, including the retail sector and it remains to be seen as to how long the outbreak will persist.

"Barring the economic stimulus package to be announced by the government, the company is expecting a moderate growth due to the challenging environment.

"The company is taking active measures to ensure that its businesses remain resilient during this period through innovative marketing strategy, realignment of its merchandise assortment to be in line with the current sentiment of the consumers and tackling the crisis together with its business partners," it added.

Aeon Co shares closed down 2 sen or 1.52% at RM1.30 today, with 1.11 million shares done, bringing a market capitalisation of RM1.83 billion.