Metro H2 profit plunges 81.9% to S$11.3m on lower revenue

METRO Holdings posted an 81.9 per cent plunge in net profit to S$11.3 million for the half year ended March 31, 2020, from S$62.4 million a year ago.

This came as the property investment and retail group's revenue for the period fell 14.6 per cent, dragged by lower sales from its retail division, partially offset by higher contributions from Metro's property segment.

Earnings per share stood at 3.9 Singapore cents for the full year ended March 31, 2020, down from 11.6 cents a year ago, according to Metro's financial results released on Thursday.

Revenue for the second half of the year fell 14.6 per cent to S$81.5 million, from S$95.5 million a year ago.

Metro's retail segment reported a 33.9 per cent drop in sales to S$47.2 million due to Metro Centrepoint's closure in October 2019 and lower sales in Singapore due to shortened operating hours in February and March 2020 amid the Covid-19 situation.

The group's property division revenue rose 42.3 per cent to S$34.3 million, lifted by S$11 million in contributions from the sale of property rights for its residential development projects in Bekasi and Bintaro in Jakarta.

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A final cash dividend of two Singapore cents per share was recommended for the full year, down from a final dividend two cents and a special dividend of 2.5 cents a year ago. The date payable will be announced at a later date.

For the full year ended March 31, 2020, net profit tumbled 66.5 per cent to S$32.2 million, while revenue was up 22.3 per cent to S$210.3 million.

Shares of mainboard-listed Metro closed at 75.5 Singapore cents on Wednesday, down one cent or 1.3 per cent.

Amendment note: A previous version of this story incorrectly identified the financial period for earnings per share as the second half of the year when it is in fact the full year.