Metro Holdings records 33.2 per cent rise in net profit

Main Board-listed Metro Holdings Limited has recorded a 33.2 per cent rise in net profit to $142.4 million for the full year ended March 2015, with a 4.8 per cent increase in revenue over the same period. -- ST PHOTO: LAU FOOK KONG
Main Board-listed Metro Holdings Limited has recorded a 33.2 per cent rise in net profit to $142.4 million for the full year ended March 2015, with a 4.8 per cent increase in revenue over the same period. -- ST PHOTO: LAU FOOK KONG

SINGAPORE - Main Board-listed Metro Holdings Limited has recorded a 33.2 per cent rise in net profit to $142.4 million for the full year ended March 2015, with a 4.8 per cent increase in revenue over the same period.

The rise was mainly due to the higher turnover driven by the company Retail Division's new Metro Centrepoint store as well as the strengthening of the Renminbi against the Singapore dollar, the company said in a statement Thursday.

The property development and investment group is backed by established retail operations in the region.

The Division's revenue rose to $135.7 million in FY2015 as compared to $128.2 million in FY2014, but higher operating and overhead expenses, coupled with a write down of its property, plant and equipment of $8.8 million, affected the division's overall performance.

The Group's Property Division's rental income from the five investment properties, including those held by joint ventures, increased due to the higher revenue contribution from EC Mall, Beijing and Metro City, Shanghai. The occupancy rate at these properties remained high at 92.2 per cent.

Metro's Chairman, Lt Gen (Rtd) Winston Choo Metro's geographical reach has been broadened beyond China, Singapore and Indonesia, into the UK, premised on our strong retail heritage, coupled with strategic partnerships with reputable industry players.

"Apart from broadening our geographical reach, we are looking beyond commercial properties to include mixed-use developments, residential developments as well as serviced apartments to cover a fuller spectrum of properties in these markets," he said adding: "We will continue to look for new investments in the PRC's property sector. At the same time, we seek to add value to our existing portfolio of commercial properties, through asset enhancements, to improve returns to shareholders."