Parkson Group (03368) year net turns black to Rmb147m

    Parkson Retail Group (03368) said it reported a profit attributable to owners of the parent of Rmb147 million for the year ended 31 December 2016, as compared to the loss of Rmb186 million for the previous financial year.
  Basic and diluted earnings per share were Rmb5.6 cents.
  Total operating revenues amounted to Rmb4,606 million, a decrease of 2.8% from a year earlier, due to the decline in commissions from concessionaire sales of Rmb294 million.
  Total gross sales proceeds decreased by 8.3% to Rmb16,598.5 million. Same store sales for the fourth quarter of 2016 increased by 1.4%, rebounded from the decline of 9% in the first 9 months of 2016. Same store sales for FY2016 dropped 6.7%.
  Group's merchandise gross margin (a combination of concessionaire commission rate and the direct sales margin) decreased by 0.3% to 16.5% in FY2016. The retail sector remained challenging and highly competitive in 2016 as promotions and discounts continued to be the most effective measures for retailers to gain and retain market shares.
  No final dividend will be distributed. The Board of Directors approved the payment of an interim dividend for 2016 of Rmb2 cents (2015: Rmb4 cents) in cash per share, payable on or before 31 March 2017.