Company Briefs: Parkson Retail Asia, Companies & Markets News & Top Stories

Parkson Retail Asia

Department store company Parkson Retail Asia has slipped deeper into the red for both the fourth quarter and the full year.

It reported yesterday widening losses for the three months to June 30. The net loss was $43 million, against $14.9 million the year before. This came in spite of a 16.8 per cent bump in revenue to $109.6 million.

Loss per share was 6.39 cents for the quarter, from 2.2 cents previously, while net asset value dropped to 13 cents a share from 23 cents the year before.

The profitability struggle came on the back of a 29.7 per cent swell in spending, most notably in the cost of direct sales but also higher net impairment charges on property, plant and equipment and on goodwill. The net loss for the full year was $59.5 million, on a 6.3 per cent higher revenue of $412.7 million.

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Parkson shares closed down 0.7 cent, or 8.75 per cent, at 7.3 cents, before results were announced.

Raffles Education Corporation

Raffles Education Corporation fell into the red, posting a full-year net loss of $1.9 million against earnings of $15.8 million in the previous 12 months.

A 13 per cent drop in revenue to $96.2 million was aggravated by a hefty reversal of government grants and a smaller fair-value gain on investment properties.

Loss per share for the 12 months to June 30 came to 0.19 cent compared with earnings of 1.63 cents the year earlier, while net asset value was slightly lower, at 54.6 cents a share, from 54.71 cents.

Raffles Education Corp shares closed up by 0.2 cent, or 1 per cent, to 19.9 cents, before results were announced.

Metro Holdings

Retailer and property developer Metro Holdings is in talks with H-Change Real Estate Group about selling its indirect 30 per cent stake in Nanchang Top Spring, it said yesterday. The share is owned by its Metro Shanghai (HQ) unit.

The news comes on the heels of Top Spring International Holdings announcing last week that it had entered into a conditional deal to sell certain shares to H-Change Real Estate Group, including Top Spring Group’s interest in Nanchang Top Spring.

It added that “there is no certainty that the potential divestment will materialise”.

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