Isetan (Singapore) Ltd. said its normalized net income for the third quarter came to a loss of 10 Singapore cents per share, compared with a loss of 4 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$4.1 million, compared with a loss of S$1.8 million in the prior-year period.

The normalized profit margin declined to negative 5.8% from negative 2.2% in the year-earlier period.

Total revenue declined 14.2% on an annual basis to S$70.3 million from S$82.0 million, and total operating expenses decreased 9.5% year over year to S$76.8 million from S$84.9 million.

Reported net income came to a loss of S$6.2 million, or a loss of 15 cents per share, compared to a loss of S$2.9 million, or a loss of 7 cents per share, in the year-earlier period.

As of Nov. 13, US$1 was equivalent to S$1.42.