Retail in Asia

In Shops

Aeon Malaysia posts 1Q profit growth, sees challenging year

Aeon Co (M) Bhd, which operates the Aeon and MaxValue retail stores and Aeon Big hypermarkets and supermarkets in Malaysia, expects the domestic market to remain challenging this year, as consumers are still adjusting to the goods and services tax implemented in April.

After enjoying four consecutive years of steady growth, Aeon saw its net profit for the financial year ended 31 December 2014 (FY14) drop 7.9 percent to MYR212.71 million (USD59.3m) from MYR230.96 million in FY13.

According to Aeon chairman Datuk Abdullah Mohd Yusof, the group will open malls in Shah Alam, Selangor and Klebang, Melaka in 4Q15. It also plans to open malls in Kota Baru, Kelantan by 2Q16, and Kuching, Sarawak in 2Q17.