AEON registers RM18.6mil net loss in 3Q

Managing director/chief executive officer Shafie Shamsuddin

KUALA LUMPUR: Aeon Co (M) Bhd posted a net loss of RM18.7mil in the third quarter ended Sept 30 (3Q21) after four consecutive profitable quarters throughout the pandemic.

Its revenue for the quarter stood at RM750.56mil, down 24.1% from RM989.62mil a year ago.

AEON said the company’s 3Q21 results were expected as the pandemic continued to disrupt the business environments, supply chains and employment which led to softer consumer sentiment.

“The company has closed around 71 days of its non-essential segments during the quarter.

“Notwithstanding the national vaccination programme that was being rolled out, the various Movement Control Orders implemented nationwide to mitigate the infectivity risks with lockdown restrictions tightening since June 2021 have adversely impacted the company’s revenue,” it said in a statement.

In the first nine months, AEON's net profit jumped 51.6% to RM35.75mil against RM23.59mil, while revenue climbed to RM410.8mil compared to RM372.46mil previously.

Managing director/chief executive officer Shafie Shamsuddin said the change in customer behaviour, coupled with the disruptions in many industries has created a big opportunity for growth.

“We believe we are ready as we are leaner and agile to adapt and capture the potential demand, especially towards the Christmas and New Year celebrations.

“With the potential upside from the festivities until the end of the year, we are optimistic 2021 will be a profitable financial year,” Shafie said.

Aeon is ramping up its sustainability initiatives by working with multiple stakeholders including micro-entrepreneurs (PUPUK@AEON Programme) and local food traders (AEON Prihatin).

It is also targeting to have its first rooftop in AEON Mall Taman Maluri to be partially powered by solar energy by January 2022.

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