PARKSON HOLDINGS BERHAD (89194–P)
(Incorporated in Malaysia)
(Stock Code: 5657)
Interim Profits Surged 64.1% despite Economic Uncertainties
|
For the six months ended 31 December
|
|||
 |
2008
(RM’000) |
2007
(RM’000) |
Change
|
| Total gross sales proceeds |
3,966,688
|
3,177,502
|
24.8%
|
| Revenue |
1,306,067
|
1,097,688
|
19.0%
|
| Profit from operations |
344,346
|
273,224
|
26.0%
|
| Profit for the period |
276,210
|
187,928
|
47.0%
|
| Net profit attributable to the Group |
164,345
|
100,147
|
64.1%
|
| Basic earnings per share |
RM0.16
|
RM0.10
|
60.0%
|
Kuala Lumpur, 25 February 2009 – Parkson Holdings Berhad (“Parkson”, stock code: 5657) and its subsidiaries, jointly-controlled entities and associate (the “Group”), announced its interim results for the six months ended 31 December 2008.
Parkson achieved a growth in both total gross sales proceeds and revenue. Total gross sales proceeds rose 24.8% to RM3,966.7 million over the same period last year. In line with the growth of total gross sales proceeds, revenue also grew by 19.0% to RM1,306.1 million. Net profit attributable to the Group improved to RM164.3 million, an increase of 64.1% (including an exceptional gain of RM32.5 million). Excluding exceptional gain, the Group still delivered creditable profit growth of 31.7%. Basic earnings per share was RM0.16, registering a growth of 60.0% over the same period last year.
Business Review
Parkson continued to achieve creditable results in the 3 countries it operates in (i.e. China, Malaysia and Vietnam) despite having to face challenges brought on by the slowdown in the global economy since the second half of 2008. Throughout the period, the Group stayed closely in touch with the challenging and fast changing operating environment and made necessary adjustments to its operating strategies whenever possible. The Group recorded a respectable same store sales growth through a combination of improved productivity from the more efficient use of the available floor space and increase in sales and promotion.
The Group continued to reinvent and remodel its stores to further enhance its image and performance. Through its stated business plans and strategies, the Group also continued to strengthen its operations and network and further consolidate its position as one of the leading department stores through opening new stores and M&A transactions.
The Group now operates and manages a total of 79 department stores of which 42 are in China, 32 in Malaysia and 5 in Vietnam.
Prospects
The Group believes its business growth in the immediate term will be very challenging, but it remains cautiously optimistic about the medium to long term prospects of the economies and retail industries in China, Malaysia and Vietnam.
The Group’s growth priorities will continue to focus on the long term while maintaining the short term performance in line with the market conditions. It will continue to make improvements to its operations and seek opportunities to leverage on the current crisis to implement its expansion strategy to prepare the Group for the next growth cycle.
Corporate Information
Parkson is one of the leading department store chains in China, Malaysia and Vietnam focusing on four major categories of merchandise: Fashion & Apparel, Cosmetics & Accessories, Household & Electrical, and Groceries & Perishables; targeting the middle to upper-middle income consumers. The Group’s Parkson retail business was established in Malaysia in 1987. Parkson was introduced to China’s retail market in 1994 and to Vietnam in 2005, thus making it one of the foreign pioneers in their respective department store industry.
For further information, please contact:
For Business Editor
Parkson Holdings Berhad – Corporate Communications Senior Manager
Ms Quah Le Ching
Tel: (603) 2162 2155 Fax: (603) 2161 8409
For Investor/Analyst/Fund Manager
Parkson Holdings Berhad – Financial Officer
Ms Chong Lee Mei
Tel: (603) 3344 2882 Fax: (603) 3344 2889