Balloon payment in interest income lifts gain at Metro Holdings
Property group Metro Holdings, which is more well known for its eponymous departmental store, today reported a 43.4 per cent jump in third quarter net profit to $15.3 million.
This was despite a 1.9 per cent drop in revenue to $50.6 million for the three months to Dec 31.
The higher profit was mainly due to a balloon payment in interest income from loan notes held by its core property division.
The loan notes were liquidated early in the fourth quarter.