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Metro's Q1 profit up on higher dividend income, unrealised fair value gains

Published on Aug 11, 2014 8:11 PM

SINGAPORE - Retailer and property developer Metro's net profit more than trebled to $10.1 million for the first quarter ended June 30, up from $3.2 million in the same period a year ago.

The company reported on Monday that its earnings spiked despite revenue dipping 0.5 per cent to $31.2 million.

Much of the gains came from a 74.9 per cent jump in dividend income of $4.9 million, due to a higher strategic voting stake in Hong Kong-listed Chinese developer, Top Spring International Holdings.

Metro said its strategic voting stake in Top Spring rose to 19.7 per cent in the quarter, up from 6.1 per cent in the same period a year ago.

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