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Parkson Retail swings to loss in Q3

Parkson Retail Group Ltd said its normalized net income for the third quarter amounted to 36.9 million yuan, compared with income of 24.0 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 fell to negative 3.5% from 2.0% in the year-earlier period.

Total revenue declined 9.6% on an annual basis to 1.07 billion yuan from 1.18 billion yuan, and total operating expenses declined year over year to 1.12 billion yuan from 1.15 billion yuan.

Reported net income totaled a loss of 77.0 million yuan, compared with income of 22.6 million yuan in the year-earlier period.

As of Nov. 19, US$1 was equivalent to 6.38 yuan.