Parkson Holdings for the 6 months ended 30 June 2023, recorded an 8% higher revenue of RM1.6 billion with operating profit increasing to RM282 million. For the 3 months ended, the department store manager saw its revenue improve to RM832 million while profits came in at RM41 million compared to a loss of RM59 million in 2022 quarter two.
The Group’s Malaysia retailing operations registered a 9% improvement in revenue to RM400 million. This was attributable to the increasing stores’ footfall in tandem with the full lifting of movement restrictions. Accordingly, the operations achieved a higher operating profit of RM114 million as compared with a year ago. Parkson Malaysia had, during the current quarter under review, closed Parkson The Spring Kuching and Parkson Nu Sentral at the expiration of their lease commitments. As at 30 June 2023, the Group has 36 Parkson stores in Malaysia.
As for China, the recovery of shopper traffic to its retail stores following the full lifting of COVID-19-related prevention and control measures since the end of 2022, coupled with the additional rental income source from an investment property in Beijing in this quarter, has enabled Parkson China to post an encouraging sales performance of RM1,232 million for the 6
months ended 30 June 2023. In line with the higher sales, added with the continuous efforts in optimising operating efficiencies and cost control measures, an impressive operating profit of RM171 million was reported for the first half of this financial year. As at 30 June 2023, the Group has a network coverage of 43 stores in 29 cities across China.
The Group’s only store in Vietnam, Parkson Saigon Tourist Plaza, recorded revenue of RM4 million with an operating loss of RM3 million for the 6 months ended 30 June 2023. The subsidiary in Vietnam had on 28 April 2023, filed an application for the commencement of voluntary bankruptcy proceedings. The application is subject to approval from the relevant authorities in Vietnam..
The increased rental income source of Parkson China, along with the Group’s efforts in optimising operational efficiencies,
have enabled the Group to register a 25% higher profit before tax of RM67 million.
Moving forward, Parkson said it continues to stay focused on increasing stores’ productivity and implementing cost improvements strategies, besides continuing to diversify the income sources to fully seize the opportunities, and promote long-term sustainable development of its businesses.
