Metro's net profit for H1 FY2022 down 7.3%

PROPERTY and retail group Metro Holdings' net profit for the 6 months ended Sept 30, 2021 (H1 FY2022) shrank 7.3 per cent year-on-year to S$18.33 million.

Revenue was 11.1 per cent higher at S$40.78 million as its retail division reported higher sales. Last year, 2 of its department stores in Singapore were closed from April to mid-June owing to the lockdown to curb the pandemic.

However, gross profit was nearly flat, up 1.2 per cent at S$4.99 million, as the cost of revenue rose 12.6 per cent to S$35.79 million.

General and administrative expenses were also some 27 per cent higher at S$11.03 million on the back of lower government grants such as the Jobs Support Scheme.

Meanwhile, earnings per share dipped to 2.2 Singapore cents for the period under review, from 2.4 cents previously.

Group chief executive officer Yip Hoong Mun said: "We are encouraged by the progress made in H1 FY2022 towards a diversified, sustainable, resilient real estate portfolio, amidst the turbulence brought about by the Covid-19 pandemic and its variants. This validates the group's strategy to diversify for resilience."

Shares in Metro closed at 77 Singapore cents on Wednesday (Nov 10), unchanged.