Feb. 26, 2007 (China Knowledge) – Parkson Retail Group <3368>, the Beijing-based department store unit of Malaysia's Lion Group, is forecasting a net profit growth of up to 93% for the fiscal 2006, thanks to its strategy of boosting wholly owned assets.

The company is likely to report Tuesday that same-store sales rose more than the 17% reported in the first half, analysts told the South China Morning Post on Monday. Net profit is expected to be between HK$435 million and HK$497.7 million, compared with HK$248 million in 2005.

Parkson, which owns 25 stores and manages 11 in 26 mainland cities, acquired the remaining 44% stake in subsidiary Beijing Parkson, which has five stores in China, for RMB 525 million in July last year. Another two Kunming stores, which Parkson now manages, were acquired at RMB 315 million in November.