Poor consumer sentiments weigh down Parkson Retail Asia earnings
Published on Aug 21, 2014 8:25 PM
SINGAPORE - Weak consumer sentiments in Malaysia and Vietnam weighed down fourth-quarter earnings at South-east Asian department store operator Parkson Retail Asia, which does not have stores in Singapore.
Parkson's net profit plummeted 35.9 per cent from the previous year to $3.2 million for the three months to June 30, it told the Singapore Exchange on Thursday.
Revenue for the quarter shrank to $99.2 million, down 4 per cent from the preceding year.
The firm said in a statement that sales fell in Malaysia and Vietnam, where consumer sentiments remain subdued and some new stores incurred losses.
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