Isetan (Singapore) announced Tuesday its first quarter net profit rose 29.65 percent on-year to S$1.54 million despite a revenue decline amid lower total expenses.
Revenue for the quarter ended 31 March fell 6.83 percent on-year to S$29.21 million amid lower sales of goods and consignment income in the retail segment, the department store operator said in a filing to SGX.
Total expenses declined 7.66 percent on-year to S$29.69 million, the filing said.
Depreciation expenses increased more than 300 percent on-year to S$6.58 million, while rental expense fell 83.36 percent on-year to S$1.37 million on changes to accounting for leases, the filing said.
Isetan (Singapore) was cautious in its outlook.
“The board continuously reassesses and redeploys existing resources to navigate the highly competitive retail environment,” the department store operator said. “The company plans to invest an estimated amount of S$12 million to rejuvenate (Flagship] Isetan Scotts and to convert it into a lifestyle destination store.”
The renovation is integral to its long-term plan to turn around the retail segment.
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