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Metro Holdings’ final quarter cushions tough year

Metro Holdings reports a 3.5 per cent increase in revenue to S$33.7 million (US$24.3 million) for its fourth quarter, thanks to higher sales.

Net profit for the quarter swelled to S$34.2 million, compared with S$1.2 million a year ago, through the absence of a S$9.5 million impairment from a JV, lower general and administrative expenses and a higher share of associates’ results.

The property and retail group’s latest financials also show that for the full year its revenue fell 15.1 per cent to S$131.2 million while net profit fell 28.7 per cent to S$80.7 million – a result of the absence of contribution from Metro City Square and Metro Sengkang with their closures last year.

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