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November 30, 2007 |
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PARKSON RETAIL: Posts CNY151-Mil. Net Profit for Third Quarter For the quarter ended September 30, 2007, Parkson Retail Group booked a net profit of CNY151 million, a slight increase from the CNY104-million net profit recorded for the same quarter in 2006, according to a Xinhua News Feed. Parkson Retail's sales for the 2007 third quarter totaled CNY695 million, versus sales of CNY526 million for the same period a year ago. For nine months ended Sept. 30, 2007, the group posted a net profit of CNY455 million, an increase from the CNY300-million net profit recorded for the nine months ended Sept. 30, 2006. Sales for the first nine months of 2007 totaled CNY2.18 billion, compared with the CNY1.47 billion figure recorded for the same period in 2006. Headquartered in Hong Kong, Parkson Retail Group Limited is engaged in the ownership and operation of a national network of department stores and supercenters in the People's Republic of China under the brand of Parkson and Xtra. The company owns and manages 37 parkson branded department stores and two xtra branded supercenters located in 26 cities in the China, including Beijing, Shanghai, Chongging and Xi'an. Parkson Retail Group Limited offers a range of merchandise under four categories, fashion and apparel, cosmetics and accessories, household, electrical goods and others, and groceries and perishables. It focuses on fashion lifestyle products, in particular the ladies fashion and cosmetic. The Troubled Company Reporter-Asia Pacific reported that, on December 4, 2006, Moody's Investors Service affirmed Parkson Retail Group Ltd's Ba1 senior secured bond rating following the successful closing of its US$200 million bond issuance. The rating has had its provisional status removed. The rating outlook is stable. On November 8, 2006, Standard & Poor's assigned its BB long-term corporate credit rating to Parkson Retail Group Ltd. The outlook is stable. |
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