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Isetan Q1 net profit rises 30% to S$1.5m on accounting change

RETAILER Isetan Singapore on Tuesday posted a net profit of S$1.5 million in the first quarter, up 29.65 per cent from the same period a year earlier on the back of an accounting policy change.

The adoption of a new standard from January this year lowered the group's reported rental expense to S$1.4 million in the first quarter, down from S$8.2 million in the same period a year earlier. Without this adoption, the rental expense for the three months ended March 31 would have been closer to S$7.5 million, Isetan said.

Meanwhile, group revenue in the first quarter fell 6.83 per cent to S$29.2 million, as slower sales of goods and consignment income from the retail business were only partially offset by higher rental income from the investment property at Wisma Atria.

Earnings per share was 3.72 Singapore cents, up from 2.87 cents in the first quarter last year.

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Net asset value per share was S$3.86 as at March 31, from S$3.81 as at Dec 31 last year.

The counter fell five Singapore cents or 1.43 per cent to S$3.45 on Tuesday before the results were released.