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Metro Q4 profit drops 84.8% to S$1.1m on lower sales, exchange differences

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Metro Holdings' fiscal fourth-quarter net profit fell 84.8 per cent to S$1.12 million, or about 0.1 Singapore cent per share, on lower revenue and exchange differences.

METRO Holdings' fiscal fourth-quarter net profit fell 84.8 per cent to S$1.12 million, or about 0.1 Singapore cent per share, on lower revenue and exchange differences.

The department store operator and property developer is declaring a final dividend of two Singapore cents per share and a special dividend of five Singapore cents per share for a total payout of seven Singapore cents per share.

For the full year ended March 31, 2016, net profit decreased 20.8 per cent to S$113.1 million, or 13.7 Singapore cents per share.

Fourth-quarter revenue shrank 21.9 per cent to S$32.6 million as Metro Sengkang and Metro City Square ceased operations.

Other income, including interest income, fell 71.9 per cent to S$2.7 million largely on exchange differences. General and administrative expenses also jumped 139.6 per cent to S$12.9 million due to unrealised foreign-exchange losses of S$8.3 million on bank balances.

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Metro said it expects to continue being subjected to "significant currency translation adjustments" on foreign operations. The retail division continues to face challenges from competition and discounted trading amid a slowing Singapore economy and high operating costs, the company said.

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