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Isetan (Singapore) swings to loss in Q4

Isetan (Singapore) Ltd. said its normalized net income for the fourth quarter was a loss of 4 Singapore cents per share, compared with 1 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$1.5 million, compared with income of S$599,380 in the year-earlier period.

The normalized profit margin declined to negative 1.9% from 0.6% in the year-earlier period.

Total revenue declined 17.4% on an annual basis to S$78.4 million from S$94.9 million, and total operating expenses fell 13.7% from the prior-year period to S$83.2 million from S$96.4 million.

Reported net income came to a loss of S$11.6 million, or a loss of 28 cents per share, compared to income of S$741,500, or 2 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 26 cents per share, compared with a loss of 4 cents per share in the prior year.

Normalized net income was a loss of S$10.6 million, compared with a loss of S$1.8 million in the prior year.

Full-year total revenue decreased 11.9% year over year to S$305.3 million from S$346.6 million, and total operating expenses fell 7.7% on an annual basis to S$324.7 million from S$351.9 million.

The company said reported net income totaled a loss of S$25.8 million, or a loss of 63 cents per share, in the full year, compared with a loss of S$3.1 million, or a loss of 8 cents per share, the prior year.

As of April 14, US$1 was equivalent to S$1.36.