SINGAPORE (Feb 27): Isetan has reported losses of $27.2 million for FY2019 ended December, nearly double its losses of $13.7 million back in FY2018. 

This was attributable primarily to the group’s impairment losses on right-of-use assets and property, plant and equipment amounting to some $22.7 million as a result of the adoption of SFRS(I) 16 from January 1, 2019. The group also booked impairment charges of $3.8 million on property, plant and equipment. 

Revenue for the year slid 8.4% to $7.1 million from $8.1 million in the previous year, due to a combination of lower sale of goods and consignment income from the retail segment, as well as by exiting brands due to store-wide renovation works done at the group’s flagship store at Shaw House. 

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