Isetan (Singapore) had a dismal quarter, with its net profit falling 54.9 per cent to $870,000.
Sales for the three months to June 30 fell by 10.2 per cent to $80 million.
The ongoing upgrading works at Shaw House and Shaw Centre continued to have an adverse effect on the sales of Isetan Scotts.
In addition, the closure of our standalone shop at Shaw Centre since the end of August last year has resulted in a lower level of sales during the quarter.
Although efforts have been put in to reduce operating costs, they were more than offset by the effect of the reduction in sales.
Profit was also affected by lower rental income.
Earnings per share shrank to 2.11 cents from 4.67 cents previously while net asset value per share inched up by a cent to $4.95 from the end of last year.
As the ongoing renovations at Shaw House and Shaw Centre are expected to be completed near the end of this year and the first quarter of 2014 respectively, the sales of Isetan Scotts will continue to be affected.
Its new store in Jurong East is on track to open in the fourth quarter of this year and Isetan is expected to benefit from its full year's contribution to sales in the financial year ending Dec 31, 2014.