Departmental stores operator Isetan (Singapore) says net profit for the financial year ended 31 December 2009 (FY2009) fell 24.48% to $11.17 million from $14.79 million in FY2008.

Isetan says group sales turnover for FY09 was $322.762 million, a 4.89% decrease over the previous year as consumers were more cautious and selective in their spending due to external factors like the unemployment situation, stagnant incomes and the sluggish economy.

Group profit before tax was $13.933 million in FY09, a decrease of 23.71% over FY08.

Compared to FY 2008, trade and other receivables decreased mainly due to lower purchases made by consumers.

Isetan says the group's new store in Serangoon Central should open by the end of the year. It will be the third department store in the suburbs after Isetan Tampines and Isetan Katong stores which are operating in the eastern part of Singapore.