SINGAPORE (Nov 14): Parkson Retail Asia saw 1Q losses more than doubled to $12.9 million compared to $5.18 million a year ago.
Revenue for 1Q18 was down by 2.4% to $91.1 million from $93.3 million a year ago.
This was due to the absence of festive buy following the shift in Hari Raya/Lebaran calendar to June 2017.
Other income also dropped 24.9% to $1.32 million from $1.75 million last year, mainly as a result of a decrease in finance income and foreign exchange gain.
The group’s total expenses came in at $105.6 million, 4.1% higher than $101.4 million recorded in the previous year.
In 1Q18, the group made a loss in taxation of $82,000 compared to a gain of $715,000 last year. No deferred tax benefits were recognised on losses incurred during the quarter.
In its outlook, the group expects performance in 2Q18 to benefit from year-end school holiday and festive buying.
Nevertheless, as the group’s operating environments are expected to remain challenging over fragile consumer sentiment and stiff competition, it will continue to be watchful over its strategy execution as well as store performances.
Shares in Parkson closed at 7.3 cents on Tuesday.
