Loss deepens for Parkson Retail Asia

Parkson Retail Asia’s third-quarter net loss deepened 24.4 per cent to S$9.1 million (US$6.4 million), from its S$7.3 million loss in the same period a year ago.

For the nine months to the end of March 31, its net loss was S$16.5 million, reversing a net profit of S$45.1 million for the corresponding period a year ago.

Revenue in its third quarter edged up 0.2 per cent to S$98.6 million, taking its revenue for the nine months to S$303.1 million, up 2.9 per cent.

Same-store sales declined across Indonesia, Malaysia, Myanmar and Vietnam for the third quarter. An increasingly crowded retail scene hurt sales in Vietnam, while uncertainties in Indonesia over the gubernatorial election of the capital city dragged sales into negative territory. In Myanmar, the Parkson store at FMI Centre, Yangon, was closed during the quarter. Its new store at Junction Square opened on March 17.

In Malaysia, the sales drop was less severe because of the dissipation of the aftereffects of GST being implemented.

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