Metro Q4 net profit up on higher revenue, but full-year earnings fall 29%

METRO Holdings on Tuesday reported a 3.5 per cent increase in revenue to S$33.7 million for its fourth quarter ended March 31, 2017 due to higher sales.

Net profit for the quarter swelled to S$34.2 million, compared with S$1.2 million a year ago, due to the absence of a S$9.5 million impairment due from a joint venture, lower general and administrative expenses and a higher share of associates' results.

The property and retail group's latest financials also showed that for the full year, its revenue fell 15.1 per cent to S$131.2 million and net profit fell 28.7 per cent to S$80.7 million, as a result of the absence of contribution from Metro Sengkang and Metro City Square with their closures in 2016.

The board has recommended dividends of five Singapore cents, comprising an ordinary final dividend of two Singapore cents and a special dividend of three Singapore cents per share.