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Metro's Q2 earnings plunge 70% to S$18.6m

PROPERTY and retail group Metro Holdings reported a net profit of S$18.57 million for the second quarter, down nearly 70 per cent year on year due to lower share of profits from associates and joint ventures.

This was despite a 22.3 per cent rise in revenue for the three months ended Sept 30, 2015, to S$38.31 million thanks to higher turnover from its retail operations as its new store at Centrepoint started operations during the quarter.

Earnings per share came to 2.2 Singapore cents, down from 7.4 cents a year ago.

For the half year, net profit slid 21.4 per cent to S$56.11 million, while revenue rose nearly 30 per cent to S$81.02 million.