GOING DOWN: Isetan Co. Ltd. announced a drop of 38.5 percent in net profits to $66.4 million for the fiscal year ended March 31. Operating profits dropped 19.4 percent to $155.2 million, while sales decreased 2.2 percent to $5.2 billion compared with a year ago. All the figures were on a consolidated basis and converted at current exchange rates. Severe business condition, including slower consumption, affected sales, according to the retailing group of 34 subsidiaries.

Selling, general and administrative costs in the fiscal year made up 3 percent of sales compared with 3.6 percent the year before. In the fiscal year, Isetan reported $17 million of extraordinary losses mainly derived from devaluation of the stocks.

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