SINGAPORE (Aug 14): Isetan announced 2Q losses narrowed by more than half to $1.5 million from $3.5 million the previous year.
This was mainly to higher rental revenue from Isetan Wisma investment property as more tenants operating at the premises as well as the reduction in expenses.
Revenue fell 3% to $66.5 million from $68.6 million a year ago.
This was due to the group’s retail segment registering lower sales due to weaker consumer sentiments.
The group’s total expenses also decreased 5.4% to $69.5 million from $73.5 million in 2Q16.
As at end June, the group’s cash and cash equivalents stood at $54.8 million.
In its outlook, Isetan says that growth remains uneven and coupled with the weak labour market conditions, it does not expect significant uplift in consumer sentiment.
Hence, the retail sector is expected to remain highly competitive and challenging.
Shares in Isetan closed 10 cents lower at $4.15 on Monday.
