Wednesday, August 28, 2013

Parkson earnings down 63% in Q4

PETALING JAYA: Retailer Parkson Holdings Bhd recorded a net profit of RM30.16mil for the fourth quarter ended June 30, which is 63% lower than the RM81.70mil achieved a year ago, due to a seasonal lower performance in the absence of major festivities.

Revenue for the period under review was RM801.48mil, marginally higher than the RM799.56mil posted a year ago.

For the year, it achieved a revenue of RM3.5bil, 2.3% better than the RM3.42bil recorded in 2012.

The group told Bursa Malaysia that the financial year under review was a challenging year for its retail operations amidst the global macro economic uncertainties, resulting in weak consumer sentiments especially in the China and Vietnam retail markets.

“Same-store sales growth (SSSG) of both Parkson China and Parkson Vietnam were minus 1%. Our retail operations in Malaysia and Indonesia, on the other hand, managed to sustain their positive SSSG of 5% and 6% respectively,” it said.

It said the group’s retailing division completed the financial year with a revenue of RM3.47bil, a 2% growth from RM3.4bil posted a year ago, together with contribution from seven new stores – four in China and one each in Malaysia, Indonesia and Myanmar – that were opened during the financial year.

“The encouraging occupancy rate achieved by our KL Festival City shopping mall has enabled the property and investment holding division to report a full-year revenue of RM33mil compared with RM21mil for its eight months of operations in the previous financial year,” it added.

Separately, Parkson’s parent group Lion Corp Bhd posted a net profit of RM9.91mil in the fourth quarter of financial year 2013 compared with a net loss of RM235.27mil a year ago.

The better performance was contributed by the brief increase in steel demand following the implementation of measures by the Government in February 2013 prior to the steel market correction towards the end of the quarter under review.

Its revenue for the quarter came in 22% lower, from RM949.05mil last year to RM738.78mil.

For the full financial year, the group recorded an improved net loss of RM247.94mil from a net loss of RM461.21mil a year ago.

Revenue came in at RM2.6bil, 19.8% lower than the RM3.24bil in 2012, mainly attributed to the lower sales volume for flat-steel products in both the domestic and overseas markets for the larger part of the financial year under review.

The group told Bursa Malaysia that since the implementation of the new steel policy from Feb 1, the market had improved gradually up to May.

“However, the market situation deteriorated towards the end of June and competitive pressure has intensified. As a result, the operating environment is expected to remain challenging in the coming financial year in view of the uncertainties surrounding the recovery of the global economy, continued dumping activities by foreign exporters and the pressure of rising costs.

“The group will continue to work with the authorities to plug the loopholes and leakages to enable the local steel industry to grow and expand in an orderly manner.”

Publish date: 28/08/13

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