Isetan (Singapore) Ltd. said its first-quarter normalized net income was a loss of 5 Singapore cents per share, compared with a loss of 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of S$2.0 million, compared with a loss of S$1.4 million in the year-earlier period.

The normalized profit margin declined to negative 2.6% from negative 1.7% in the year-earlier period.

Total revenue fell 9.7% on an annual basis to S$75.7 million from S$83.8 million, and total operating expenses fell 8.3% on an annual basis to S$78.9 million from S$86.1 million.

Reported net income came to a loss of S$3.2 million, or a loss of 8 cents per share, compared to a loss of S$2.3 million, or a loss of 5 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to S$1.37.