AEON CO. (M) BHD. posted RM2.13 billion in revenue for the first half 2023, marking a 2% increase from the corresponding financial period of RM2.09 billion. The company’s total revenue for this quarter reached RM103 billion, reflecting a 5.7% decrease when compared to the corresponding quarter of RM1;09 billion in the prior year. Profit for the quarter dropped to RM30.1 million compared to RM47 million in the previous year’s corresponding period.
Retail business segment generated a revenue of RM864.0 million, marking a decrease of 7.9% in comparison to the corresponding quarter’s RM938.3 million due to the surge of the corresponding quarter’s revenue caused by pent-up demand after transitioning into the endemic phase with the reopening of national borders and resumptions of economic, social and tourism activities.
Notably, the property management services segment experienced revenue growth with a 7.5% increase, totalling RM169.0 million, compared to the corresponding quarter’s RM157.2 million attributed to improvements in occupancy rates. Keiji Ono, the Managing Director of AEON, acknowledged the challenges faced during the first half of this year’s performance, “In the previous fiscal year, AEON experienced a unique period marked by pent-up demand, which contributed to a significant surge in revenue. This momentum was also driven by the special EPF withdrawal in April last year that prompted customers to accelerate their purchasing decisions. The exceptional demand we experienced in the previous period has subsided, and our revenue is now aligning with more typical market trends.”
