SINGAPORE: Isetan recorded a net loss of $2.3 million for the first quarter, reversing from net profit of $265,000 a year earlier.
This was the result of a slight drop in sales but higher expenses.
Sales for the three months to March 31 was $82.1 million, a 0.6 per cent drop. The fall was largely due to lower sales at Isetan Katong, which has been affected by the ongoing replacement of a set of internal escalators by the landlord, the company said.
Total expenses were up 1.7 per cent at $86.1 million.
