Metro Holdings reports slump in Q3 profits

PROPERTY and retail group Metro Holdings reported a 63.3 per cent year on year plunge in net profit to S$20.49 million for the third quarter ended Dec 31, 2016.

This was largely due to lower share of associates' results, which fell to S$9.03 million from S$57.65 million because of lower contributions from the recognition on handover of sales of properties of the Nanchang project.

Revenue fell 9 per cent to S$37.3 million as the Metro City Square department store was closed by the retail division in mid 3QFY2016.

Meanwhile, earnings per share for the quarter under review fell to 2.5 Singapore cents, from 6.7 cents a year ago.

The group warned that it will continue to be affected by significant currency translation adjustments on foreign operations, which will affect the results and the balance sheet, due to volatility in foreign currency exchange rates. The majority of its assets are located in China.