Metro Holdings sees 4% dip in FY profits to S$66m

Metro Holdings sees 4% dip in FY profits to S$66m


SINGAPORE: Property developer and retailer Metro Holdings on Wednesday reported a four per cent dip in full year profits to S$66 million.


The company said the drop was due to a substantially higher tax charge and the lack of a one-off gain in the year-ago period.


The bottomline was supported by a strong performance from its property development and investment division.


Metro also enjoyed revenue contributions from its overseas ventures such as Metro City Beijing – which was fully opened in September last year – and higher rental income from Metro City Shanghai.


The performance at its retail division was more subdued, posting a 1.7 per cent decline in revenue.


Overall, group revenue rose nearly five per cent to S$224 million.


Going forward, Metro expects its properties to generate a steady flow of rental income.


On the retail front, it said the closure of the Metro Tampines store will have some impact on its turnover, although sales at continuing stores are expected to be stable.


The company plans to open two new stores in Singapore and Indonesia next year.


Metro has proposed a final dividend of one Singapore cent per share. – CNA/ac


Source: Channel NewsAsia


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