SINGAPORE - Department store operator Parkson Retail Asia has posted a second quarter net profit of $2.9 million, down 71.6 per cent from the same period a year ago.
Revenue in the three months to Dec 31 fell 12 per cent to $103.5 million, driven by a 7.3 per cent fall in same store sales growth in Malaysia and 5.2 per cent fall in same store sales growth in Myanmar.
Some new stores were also in their first year of operations, which is an initial loss-making period, the group said.
Earnings per share stood at 0.43 cents, down from 1.51 cents a year ago.
Net asset value per share was 27 cents as at Dec 31, up from 22 cents as at June 30 last year.
"The Malaysia operations for the next reporting quarter may encounter muted consumer sentiment, however, this drag will be buffered by progressive normalisation of sales post-GST (Goods and Services Tax )," the group said in a statement to shareholders after market close on Feb 3.
It said that it expects Vietnam's retail environment to improve in the second half, while demand from Indonesia's middle class will remain robust.
"The Myanmar operations may be affected by the possible closure of FMI Centre, where the store is located, for re-development. However, the landlord has not confirm on the timing for the redevelopment," the group added.