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NewsAeon Co's 1Q net profit falls 42% on lower margin
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Aeon Co's 1Q net profit falls 42% on lower margin
by Cals Thu 19 May 2016, 23:54
Aeon Co's 1Q net profit falls 42% on lower margin
By Billy Toh / theedgemarkets.com | May 19, 2016 : 8:36 PM MYTKUALA LUMPUR (May 19): Aeon Co (M) Bhd's net profit for the first quarter ended March 31 (1QFY16) fell 41.9% to RM28.7 million from RM49.4 million a year ago, due to lower margin, higher operating costs, interest expenses and initial costs associated with newly opened stores.
In a filing with Bursa Malaysia today, the group said revenue slipped 2.84% to RM1.08 billion from RM1.11 billion due to weaker consumer sentiments.
It added that 1QFY15 revenue was also higher because of the pre-goods and services tax implementation buying by consumers during that quarter.
Aeon said its retail business saw a 3.9% drop in revenue to RM932.5 million, but revenue from its property management services segment grew 5.1% to RM143.2 million due to contributions from its new shopping centres.
"In light of the current economic environment, consumer spending behavior and rising cost of living, the group expects its performance for the financial year 2016 to be difficult.
"The group, with its established presence and competitive strengths, believes that by employing appropriate pricing, merchandise assortment, marketing strategies together with operational efficiency efforts, (it) will ensure that its core business continue to be challenging," it added.
Aeon's share price closed unchanged today at RM2.80, with 181,200 shares traded.
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