Metro posts 270% hike in profit
DESPITE strong headwinds in the retail sector, mainboard-listed Metro Holdings achieved a 269.9 per cent increase in net profit to $37.6 million for the three months ended June 30, from $10.15 million in the corresponding period last year.
The property development and investment group backed by established retail operations in the region saw a 36.8 per cent climb in revenue from $31.2 million to $42.7 million over the same period, mainly due to higher turnover driven by the retail division's new Metro Centrepoint store in Singapore, which commenced operations in the third quarter of Financial Year 2015, and strong support for Metro Sengkang's closing-down sale.
This helped to reduce the retail division's losses: $1.2 million in the first quarter of FY2016, down from $1.6 million in the first quarter of FY2015.
The group's profit before tax climbed to $42.6 million in the first quarter of FY2016, from $11.2 million a year ago.
The increase was led by higher share of results of joint ventures, which rose to $47 million in the first three months of FY2016 from $7.4 million a year ago, driven mainly by a $41.7 million gain on the disposal of EC Mall in Beijing.
THE BUSINESS TIMES