Lower fair-value gains from units dent Metro's Q4 profit
Gross earnings fall despite higher revenue; group books S$8.8m writedown of costs for Metro Centrepoint
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LOWER fair-value gains on investment properties of associates and joint ventures - coupled with lower gross profit and an impairment - pulled Metro Holdings' net profit down by a near 83 per cent to S$7.59 million for the fourth quarter ended March 31 (Q4FY15).
This was despite a 19 per cent increase in Q4 revenue to S$41.72 million on the back of higher turnover from the retail division as its new store at Centrepoint started operations in Q3FY15. Gross profit dropped 39 per cent to S$3.61 million. The S$8.8 million impairment of property, plant and equipment for the quarter was due to a writedown of the costs for Metro Centrepoint.
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