Mainland department store operator Parkson Retail Group said half-year net profit jumped 84 per cent as China's growing retail sales boosted its same-store sales while its revenue was lifted by newly acquired stores.
Hong Kong-listed Parkson, a spin-off of Malaysian conglomerate Lion Group, said bottom-line earnings reached 196.2 million yuan for the six months to June compared with 106.5 million yuan in the year-ago period.
Turnover rose 86.7 per cent to 942.5 million yuan in the first half compared with 794.9 million yuan in the same period last year. Same-store sales rose 17 per cent, it said.
The company 'benefited from the solid growth of the retail industry in line with the strong economic growth in the mainland,' said managing director Alfred Cheng Yoong Choong, adding that the company aimed to maintain double-digit same-store sales growth.
China's retail sales increased 13.7 per cent last month to 601.2 billion yuan from a year earlier after climbing 13.9 per cent in June, the government said yesterday. Sales growth was 13.4 per cent in the first seven months.
Mr Cheng said Parkson would drive growth by opening new stores, buying minority interests of some and seeking acquisitions.