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Parkson Retail swings to loss in Q2

Parkson Retail Group Ltd said its second-quarter normalized net income amounted to a loss of 60.0 million yuan, compared with income of 13.5 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 5.0% from 1.2% in the year-earlier period.

Total revenue declined 5.0% year over year to 1.08 billion yuan from 1.13 billion yuan, and total operating expenses rose year over year to 1.14 billion yuan from 1.11 billion yuan.

Reported net income came to a loss of 106.9 million yuan, or a loss of 4 fen per share, compared to income of 4.1 million yuan, or 0 fen per share, in the year-earlier period.

As of Sept. 22, US$1 was equivalent to 6.67 yuan.