Moody's: Parkson unchanged

Moody's Investors Service said Parkson Retail Group Ltd.'s financial results for 2011 were in line with expectations and it sees no immediate impact on the company's Ba1 corporate family rating.

The outlook is stable.

The company reported gross sales proceeds of RMB 16.43 billion increased 17% year-on-year, Moody's said.

The weaker profitability is attributable to higher marketing and promotion expenses especially in the fourth quarter of 2011, as well as expected losses from new stores, the agency said.

But, Parkson's solid operating track record and strong balance sheet liquidity continue to support its rating, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.