SINGAPORE (Feb 8): Parkson Retail Asia announced that its 2Q18 losses have widened by 37.3% to $3.07 million, compared to losses of $2.24 million in 2Q17.
This brings 1H18 losses to $16.0 million, about 129% more than its loss of $8.24 million recorded in 1H17.
Revenue for 2Q18 was 0.9% higher at $112.1 million, compared to $111.1 million a year ago, mainly attributed to an increase in revenue from the group’s food and beverage segment, but partially offset by a decline in revenue from its theme park and education centre segment.
Other income halved to $1.11 million from $2.01 million last year, mainly due to lesser finance income and foreign exchange gain.
Finance costs increased by 51.2% to $62,000 compared to $41,000 in the previous year.
As at Dec 31, 2017, the group’s cash and cash equivalents stood at $44.4 million.
In its outlook, the group’s operating environments for 2H18 is expected to remain challenging over subdued consumer sentiment and stiff competition, though festive buying, such as Lunar New Year in Feb 2018 and Hari Raya / Lebaran in June 2018 may provide some support to the group’s performance.
There are also uncertainties arising from Malaysia’s General Election and Indonesia’s local election, both expected to be held in 2018.
Shares in Parkson closed at 0.7 cent on Thursday.
