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
Singapore
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
AIA launches wealth centre targeting high-net-worth clients
Samba, Gazelle shoes help drive Adidas sales while North America lags
Bank of Japan upbeat on consumption, service price outlook
Brokers’ take: KGI initiates Winking Studios with ‘outperform’, S$0.34 target price
Delayed rate cuts expected to benefit Singapore banks’ otherwise uneventful Q1 earnings
Fast-fashion giant Shein wants to sell skincare, toothpaste and toys, too