Parkson’s HK unit issues profit warning

PETALING JAYA: Retailer Parkson Holdings Bhd’s Hong Kong-listed subsidiary Parkson Retail Group Ltd (PRGL) has issued a profit warning after losing a property dispute in Beijing for which the latter must cough up 140.4 million yuan (RM83.9mil).

PRGL said in the announcement that the China International Economic and Trade Arbitration Commission had made an award in favour of the landlord of the premises that PRGL’s indirect subsidiary had rented in Metro City Shopping Plaza, Beijing. Parkson Holdings has a 53.07% stake in PRGL.