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Isetan (Singapore) Q2 loss narrows YOY

Isetan (Singapore) Ltd. said its normalized net income for the second quarter came to a loss of 5 Singapore cents per share, compared with a loss of 9 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of S$2.2 million, compared with a loss of S$3.7 million in the year-earlier period.

The normalized profit margin increased to negative 3.2% from negative 5.0% in the year-earlier period.

Total revenue decreased year over year to S$70.0 million from S$72.8 million, and total operating expenses declined 6.5% from the prior-year period to S$73.5 million from S$78.6 million.

Reported net income came to a loss of S$3.5 million, or a loss of 9 cents per share, compared to a loss of S$5.8 million, or a loss of 14 cents per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to S$1.34.