Metro's Q4 bottom line turns red due to losses from associates

Singapore

LOSSES from associates dragged Metro Holdings into the red, as the property and retail group posted a fourth-quarter net loss of S$1.9 million on Friday. This was a reversal from the net profit of S$34.2 million a year ago.

For the three months ended March 31, Metro's revenue, the bulk of which comes from its retail segment, saw a 1.8 per cent year-on-year rise to S$34.3 million from S$33.7 million. At a briefing, the group said it was due to its being more aggressive in its marketing plans. However, gross profit fell by 18.5 per cent to S$2.3 million, due to lower margins and higher operating costs.