Metro's Q1 bottom line boosted by contributions from associates, JV

PROPERTY and retail group Metro Holdings' first-quarter net profit jumped by more than 160 per cent year on year to S$25.38 million as the bottom line was boosted by higher share of results from associates and joint venture (JV).

Revenue edged up by around 1.7 per cent to S$32.42 million as the retail division reported higher sales, while earnings per share increased from 1.2 Singapore cents to 3.1 Singapore cents.

"Net profit was lifted by a higher contribution from associate, Top Spring, on disposal of certain interests in a subsidiary and joint venture," said Metro. "Share of results of joint ventures was also lifted by a narrowed fair value loss on investment properties over the same corresponding period."

Share of associates' results (net of tax) rose from S$4.8 million to S$13.6 million, while share of joint ventures' results (net of tax) grew from S$6.49 million to S$8.08 million.

In addition, the group saw an increase in other income, partly due to a gain on disposal of an investment property.