Department store operator Parkson Retail Asia has reported lower earnings of $24.1 million for the FY2024 ended Dec 31, 2024, an 18.4% y-o-y decline from the same period a year before.
Earnings per share for the period subsequently declined to 3.58 cents, an 18.5% y-o-y decrease.
The group’s revenue saw a 3.1% y-o-y decrease for the reporting period to $214.8 million, from $221.6 million in the same period a year ago.
The group recorded a lower profit before tax for the current year of $35.4 million compared with $40.8 million of the corresponding year, mainly due to lower sales during the year.
The group notes that loss from discontinued operations decreased by 100% for the reporting period due to the deconsolidation of certain Vietnamese subsidiaries.
Parkson Retail Asia recorded a net cash inflow from operating activities of $71.2 million, net cash used in investing activities of $9.1 million and net cash used in financing activities of $46.6 million, resulting in a net increase in cash and cash equivalents of $15.5 million.
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The net increase in cash and cash equivalents was generally in line with the cash collections during the December 2024 festive season.
Shares in Parkson Retail Asia closed flat at 7.3 cents on Feb 18.
