Metro Holdings in the red in Q2 on one-off expense

Singapore

PROPERTY and retail group Metro Holdings sank into the red with a net loss of S$13.59 million for the second quarter ended 30 Sept, weighed down by share of results of joint ventures.

Share of results of joint ventures recorded a S$17 million loss, against a S$3.91 million gain in 2QFY2017, mainly due to a one-off expense from the expiry of conditional remission of additional buyer's stamp duty (ABSD) for its joint venture project, The Crest at Prince Charles Crescent. This was partially offset by a reversal of a S$9.5 million write down due from a joint venture.