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Metro in the black in Q2 FY19

METRO Holdings swung into the black with a net profit of S$12.81 million for the second quarter ended Sept 30, versus a net loss of S$13.75 million a year ago.

Revenue was around 53 per cent higher at S$46.33 million on the back of higher venue from its retail business, and S$13.95 million in revenue from the sale of property rights of residential development properties in Bekasi, Jakarta.

Earnings per share for the quarter came to 1.5 Singapore cents, compared to a loss per share of 1.7 cents previously.

The group chalked up a profit before tax of S$14.42 million in Q2 FY19, an improvement from a loss of S$12.48 million in Q2 FY18, due to higher share of results of joint venture project The Crest, driven by profit recognition of the residential units sold and an absence of a one-off Additional Buyer’s Stamp Duty expense recorded in Q2 FY18.

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In addition, share of results of associates improved with positive contributions from Top Spring and share of profits from the Middlewood Locks development in the United Kingdom.

For the six-month period, net profit nearly trebled to S$33.04 million from S$11.24 million previously, while revenue was 22 per cent higher at S$76.5 million.

Shares in Metro closed at S$1.07 on Monday, unchanged.