Aeon records RM10.9 mil net profit in 2Q21

By NUR HAZIQAH A MALEK / Source AEON ANNUAL

AEON Co (M) Bhd posted a higher year-on-year (YoY) net profit for its second quarter ended June 30, 2021 at RM10.94 million against the previous year’s net loss of RM9.56 million due to improvement in merchandise gross margin and improvement in marketing mechanics.

However, its revenue fell 8.4% to RM874.20 million versus the previous RM954.32 million recorded in the same period last year.

For year-to-date (YTD), the group’s net profit had jumped to RM32.98 million from a net loss of RM2.09 million recorded in the previous year’s first half (1H20), attributed to improved gross profit margin on better product assortment mix in the Softline and Hardline division, and offering products relevant to the customers’ lifestyle of having to stay indoors and working from home.

Meanwhile, the revenue also lowered by 12% YoY for the YTD period, going down to RM1.89 billion from the previous year’s RM2.15 billion due to overall decline in revenue, and closure of stores and malls due to the Hotspot Identification for Dynamic Engagement (HIDE) system over and above various movement control order (MCO) directives and lower demand.

Aeon MD and CEO Shafie Shamsuddin said the first six months of 2021 have been more challenging compared to the first half of last year.

“While these second-quarter results demonstrate the continuation of our transformation strategies, Aeon is cognisant of consumers’ wary and cautious sentiment towards new COVID-19 cases.

“The company is cautiously optimistic on the path to recovery and it is very important for the situation to return to a state of normalcy as soon as possible by achieving herd immunity,” he said in a statement yesterday.