Fair-value gains boost Metro's Q4 bottom line

BOOSTED by fair-value gains on investment properties, Metro Holdings posted fiscal fourth-quarter net profit of $43.8 million, almost three times that of $14.9 million a year earlier. This was despite a 97.3 per cent, or $8.3 million, fall in fair-value changes of short-term investments to $234,000.

Revenue for the property and retail group edged up 4.3 per cent to $49.7 million for the January-March final quarter due to higher rental income at Metro's property division, which saw turnover rise to $17.3 million from Q4 FY2013's $15.1 million.

Retail sales of its Singapore operations were nearly flat at $32.4 million in Q4 FY2014 vis-a-vis $32.5 million in Q4 FY2013 against the backdrop of a competitive retail environment and a shorter shopping period in the run-up to Chinese New Year this year. The retail division's associated company in Indonesia reported steady sales for continued stores, although the weaker rupiah and higher operational expenses hit profitability.