Iconic clothing retailer Kamdar closes small store near Jalan TAR headquarters

KUALA LUMPUR (September 30): Iconic clothing retailer Kamdar Group (M) Bhd has closed its Jalan Tuanku Abdul Rahman outlet in Kuala Lumpur with effect from Thursday to consolidate the activities of two nearby branches.

In a stock exchange filed on September 29, the 49-year-old textile brand, whose bread and butter are in the distribution, import, export, retail and wholesale of textile and based products textile in Malaysia, said that closing this outlet will reduce operational expenses and outsource them to a third party for better returns on investment for the group. The closed point of sale is located near the Kamdar headquarters on the same street.

This is the second branch closure of the group after the closure of its Puchong branch because its lease expired on July 31 and it was decided not to renew it. Meanwhile, Kamdar moved its branch from Kota Kinabalu to smaller land at 1 Borneo Hypermall, Jalan Sulaman.

According to its website, the family brand now has 31 branches in Klang Valley, Penang, Kedah, Perak, Johor, Melaka, Pahang, Terengganu, Kelantan, Sabah and Sarawak.

For the quarter ended March 31, 2021, Kamdar recorded a net loss of RM 792,000 on revenue of RM 19,463. He told Bursa that there were no comparative figures disclosed for the current quarter and cumulative results to date following the change in year end from March 31 to June 30.

The group recorded a pre-tax loss of RM400,000 on its turnover of RM 19.5 million for the quarter ended March 31, 2021, which was mainly derived from its textile business.

Kamdar’s total assets decreased from RM 25.3 million to RM 307.9 million as of March 31, compared to RM 333.2 million in the same period last year.

The group attributed this to the decrease in current assets of 19.6 million ringgit due to a lower level of inventory holding than the review period due to lower purchases resulting from reduced retail sales.

In addition, he added that there were depreciation charges of RM 4.5 million from non-current assets which consisted of property, plant and equipment, prepaid land rents and rights assets. of use. Total liabilities, which mainly include borrowings, lease debts, trade payables and other debts, decreased from RM20 million to RM93.6 million as of March 31 from RM113.6 million the last year.

The decrease is mainly due to a lower use of borrowings during the period considered, while the decrease in trade and other payables is mainly due to the decrease in credit purchases resulting from the decrease in retail sales throughout the period. exercise due to the Covid-19 outbreak, Kamdar mentioned.

Kamdar, which was established in 1972, said its stores specialize in textiles and upholstery, in-house designed clothing for women, men and children, Indian clothing and school uniforms.

Kamdar shares hit an annual high of 36 sen on May 12, falling back to the 26 sen level during the week. As of mid-morning last Thursday, the stock stood at 27 sen with a market cap of RM52.47 million.


Source link

Anne G. Cash