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Isetan (Singapore) swings to loss in Q1

Isetan (Singapore) Ltd. said its normalized net income for the first quarter came to a loss of S$1.4 million, compared with income of S$200,630 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 1.7% from 0.2% in the year-earlier period.

Total revenue declined year over year to S$83.8 million from S$85.0 million, and total operating expenses grew year over year to S$86.1 million from S$84.7 million.

Reported net income totaled a loss of S$2.3 million, or a loss of 5 cents per share, compared to income of S$264,000, or 1 cents per share, in the prior-year period.

As of May 14, US$1 was equivalent to S$1.32.