date:Mar 19, 2013
Aeon Stores said it would freeze its expansion in Hong Kong and divert more resources to the mainland, after posting a 41 per cent drop in net profit last year because of losses in new stores.
The economic condition in Hong Kong will inevitably be dragged down by the slow growth in the US economy, said Chan Pui-man, the managing director of Aeon Stores.
Net profit tumbled from HK$ 405.9 million to HK$ 238.9 million in 2011, as a result of rising operating costs, expenses for new stores and imp