Parkson’s 2Q shows a loss of RM13m

by TMR / TMR filepix

Parkson Holdings Bhd recorded net losses of RM13.87 million for its second quarter (2Q) ended Dec 31, 2017 compared to a net profit of RM72.6 million in the previous corresponding quarter.

In a filing to Bursa Malaysia today, the retailing group noted a slight improvement in revenue by 1.7% year-on-year (YoY) to RM1.065 billion.

The group attribute the decline in performance to an impairment loss of RM36 million, which resulted in a loss before tax of RM3 million for the quarter.

Excluding the impairment, the higher revenue coupled with operational efficiencies gave the group an operating profit of RM27 million.

For the first six months of the financial year, Parkson turned in a net loss of RM57.4 million compared to a net profit of RM10.1 million last year.

It Malaysian retailing operations saw revenue growth of 4% to RM505 million due to contribution of new stores but recorded an operating loss of RM19.79 million compared to RM1.89 million profit a year ago due to negative same store sales (SSS) growth of 4% for the first half of the current financial year.

The fall in sales growth due to absence of Hari Raya buying following the shift in festive calendar, it said.