SINGAPORE: Department store operator Isetan Singapore on Friday (Jan 29) said it expects to report a "substantially higher" net loss for 2015, citing lower sales and higher rental expenses.
The firm incurred a deficit of S$3.14 million in 2014, as well as losses in the first three quarters of 2015.
Isetan said in a stock market filing that "an assessment for provision of impairment loss for property, plant and equipment is ongoing", and that this could further impact its bottom line. Further details will be disclosed when Isetan releases its financial results for 2015 on or before Feb 29.
Singapore retailers have been hit by rising costs and poor sales, amid slowing growth in visitor arrivals and a weak local economy.
Isetan operates stores in Jurong East, Orchard, Katong, Serangoon Central and Tampines.