KUALA LUMPUR, Aug 23 — Parkson Holdings Bhd’s net profit in the second quarter ended June 30, 2023 (2Q 2023) rose to RM19.34 million compared to a net loss of RM31.13 million registered in 2Q 2022.
Revenue increased to RM832.17 million from RM714.50 million previously, the group said in a filing with Bursa Malaysia today.
“In 2Q 2023, the uptick in consumer spending in Malaysia during the Raya celebrations in April 2023 and the rental income contribution from an investment property in China have partially alleviated the generally softer consumer sentiments across the group’s retailing regions,” it said.
Meanwhile, for the six months ended June 30, 2023, the group’s retailing operations in Malaysia registered a nine per cent increase in revenue to RM400 million, attributed to the increasing footfall in stores following the full lifting of movement restrictions.
“During the quarter under review, Parkson Malaysia closed Parkson The Spring Kuching and Parkson Nu Sentral following the expiration of their lease commitments,” Parkson said, adding that as of June 30, 2023, the group has 36 Parkson stores in Malaysia.
The group also has 43 stores in 29 cities across China and one store in Vietnam.
As for its prospects, Parkson said the group’s retailing operations are expected to experience low traffic flow in the absence of major festivities, notwithstanding the gradual recovery in stores’ footfall following the resumption of cross-province and cross-border travel in China for the third quarter ending September 30, 2023.
“The group will continue to focus on increasing stores’ productivity and implementing cost improvements strategies, as well as diversifying income sources to fully seize opportunities while promoting long-term sustainable development of its businesses,” it said. — Bernama
