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KUALA LUMPUR: PARKSON HOLDINGS BHD [], which reported RM93.8 million in earnings in the second quarter, plans to accelerate its expansion plan in the countries which operates and targets to add on average 20% new operating area to its portfolio.
It said on Tuesday, Feb 22 the 2Q earnings in the quarter ended Dec 31, 2010 was a 16.8% increase from RM80.31 million a year ago, driven by year end festivities and the holiday season.
Parkson, which operates in Malaysia, China and Vietnam, said revenue rose 6.7% to RM756.38 million from RM709.32 million a year ago. Earnings per share were 8.67 sen while net assets per share was RM1.89.
Commenting on its prospects, Parkson said its retail operations were expected to continue to record satisfactory results in the next quarter in view of the expected higher spending during the Chinese New Year festivities.
For the six months ended Dec 31, Parkson said gross sales proceeds rose 7.9% to RM4.554 billion from a year ago backed by improved same store sales growth in all three countries (Malaysia 10%, China 11% & Vietnam 23%).
'Operating profit increased by 9.0% to RM410.8 million and net profit attributable to the Group improved by 17.2% to RM170.0 million. Basic earnings per share were RM0.16, which grew by 11.9% over the same period of last year.
'As a result of the appreciation of ringgit against Chinese renminbi and Vietnamese dong, lower operating results were consolidated into the group,' it said.
Parkson said excluding the impact of the currency translation, on a comparable basis, the group's gross sales proceeds increased by 15.7% to RM4.884 billion as compared to the preceding year's corresponding period.
Accordingly, on comparable basis, operating profit increased by 17.4% to RM442.6 million and net profit attributable to the group increased by 25.4% to RM181.8 million.
'In line with the improving macro economic outlook, the group believes domestic consumption will underpin the economic growth in all the countries it operates in.
'On the back of such expectations, the group is accelerating its expansion plan and is targeting to add on average 20% new operating area to its portfolio,' it added.
Parkson said it would focus on improving its market share in existing markets or entering into nearby markets by leveraging on the strength of its flagship store in cities or markets in which the group has established a strong presence with strong brand equity.
It added that attention would also be given to relatively affluent cities or new markets in order to further expand the group's network and brand image.
KUALA LUMPUR: PARKSON HOLDINGS BHD [], which reported RM93.8 million in earnings in the second quarter, plans to accelerate its expansion plan in the countries which operates and targets to add on average 20% new operating area to its portfolio.
It said on Tuesday, Feb 22 the 2Q earnings in the quarter ended Dec 31, 2010 was a 16.8% increase from RM80.31 million a year ago, driven by year end festivities and the holiday season.
Parkson, which operates in Malaysia, China and Vietnam, said revenue rose 6.7% to RM756.38 million from RM709.32 million a year ago. Earnings per share were 8.67 sen while net assets per share was RM1.89.
Commenting on its prospects, Parkson said its retail operations were expected to continue to record satisfactory results in the next quarter in view of the expected higher spending during the Chinese New Year festivities.
For the six months ended Dec 31, Parkson said gross sales proceeds rose 7.9% to RM4.554 billion from a year ago backed by improved same store sales growth in all three countries (Malaysia 10%, China 11% & Vietnam 23%).
'Operating profit increased by 9.0% to RM410.8 million and net profit attributable to the Group improved by 17.2% to RM170.0 million. Basic earnings per share were RM0.16, which grew by 11.9% over the same period of last year.
'As a result of the appreciation of ringgit against Chinese renminbi and Vietnamese dong, lower operating results were consolidated into the group,' it said.
Parkson said excluding the impact of the currency translation, on a comparable basis, the group's gross sales proceeds increased by 15.7% to RM4.884 billion as compared to the preceding year's corresponding period.
Accordingly, on comparable basis, operating profit increased by 17.4% to RM442.6 million and net profit attributable to the group increased by 25.4% to RM181.8 million.
'In line with the improving macro economic outlook, the group believes domestic consumption will underpin the economic growth in all the countries it operates in.
'On the back of such expectations, the group is accelerating its expansion plan and is targeting to add on average 20% new operating area to its portfolio,' it added.
Parkson said it would focus on improving its market share in existing markets or entering into nearby markets by leveraging on the strength of its flagship store in cities or markets in which the group has established a strong presence with strong brand equity.
It added that attention would also be given to relatively affluent cities or new markets in order to further expand the group's network and brand image.
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