Troubles mount for Isetan as FY19 losses double to S$27.2 mil on impairment charges

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SINGAPORE (Feb 27): Isetan has reported losses of S$27.2 million for FY2019 ended December, nearly double its losses of S$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 S$22.7 million, as a result of the adoption of SFRS(I) 16 from January 1, 2019. The group also booked impairment charges of S$3.8 million on property, plant and equipment. 

Revenue for the year slid 8.4% to S$7.1 million from S$8.1 million in the previous year, due to a combination of lower sale of goods and consignment income from...(click on link for full story on theedgesingapore.com)