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.

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.