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Metro Holdings posts 64.9% rise in full-year profits

Published on May 28, 2014 9:23 AM

SINGAPORE - Higher rents at its properties and a favourable exchange rate led Singapore-based property and retail group Metro Holdings to post a 64.9 per cent rise in net profit to $106.8 million for its financial year ended March 31.

Revenue climbed 3.8 per cent to $194.3 million in the year, the group said on Wednesday.

This was helped by a 13.3 per cent rise in the group's property division to $66.1 million, mainly due to higher rental income and an increased contribution from Metro taking an additional stake in EC Mall in Beijing.

The yuan's 4 per cent appreciation against the Singapore dollar also boosted revenue numbers, Metro said.

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