Retail in Asia

Parkson reports sharp drop for Q2 FY16 bottom line

Parkson Retail Asia’s second year of fiscal year 2016 (Q2 FY16) profit slumped nearly 72 percent year on year to SGD2.9 million (USD2.1m), in line with weaker sales by its operations in Malaysia and initial losses from new stores.

Revenue declined 12 percent to SGD103.45 million, dragged down by softer sales in Myanmar and Malaysia.

Net profit for the six month period jumped up to SGD52.36 million, boosted by a gain on partial divestment, while revenue was down 13.8 percent to SGD196.14 million.