Metro Q1 profit dives 74.1% to S$9.7m

Singapore

DEPARTMENT store operator and property group Metro Holdings' retail arm sank further into the red in its first fiscal quarter after it closed two stores in Singapore the previous financial year.

The store closures, along with the lack of a significant one-off gain recorded in the year-ago period, also ate away at the overall bottom line for the group. Net profit plunged 74.1 per cent to S$9.7 million from the previous year, it said in a Singapore Exchange filing on Wednesday evening.