Internet Shopping Firm’s Profits Turn to Losses

iMALL Inc., an Internet commerce company based in Studio City, posted a net loss of $499,000 for the second quarter ended June 30, compared with a net profit of $484,000 a year earlier.

Revenues for the three months were $5.1 million, up 9% from $4.7 million in 1996.

For the six months ended June 30, iMALL reported a net loss of $1.1 million, compared with a net profit of $923,000 a year ago, and sales of $9.2 million, up 5% from $8.8 million in 1996.

The company said that while revenues increased, advertising expenses also rose by $1.5 million in the second quarter.

iMALL runs a shopping mall on the World Wide Web, with storefronts for 1,500 merchants. The company moved to Studio City from Provo, Utah, last month.