Singapore’s Isetan department stores are expecting to lose even more money this year because of lower sales, higher rentals and a drop in other income.

In its profit guidance for the financial year ended December 31, the group says it faces a “substantially” higher net loss for the 12 months compared with the previous year.

If it needs to provide for impairment loss for property, plant and equipment, this would further impact profits, says the company, which is still finalising its unaudited financial results for 2015.

Further details of the Isetan Singapore’s financial performance will be disclosed when it announces its unaudited financial results on or before February 29.