Metro

Net profit at property development and investment group Metro slumped 70 per cent to $18.6 million in the second quarter.

Revenue increased 22.3 per cent to $38.3 million for the three months to Sept 30, mainly due to higher turnover driven by the retail division's new Metro Centrepoint store in Singapore and increased contributions from existing stores.

The high costs of the new store sent the retail division to an operating loss of $2.1 million.

Earnings per share fell to 2.2 cents from 7.4 cents a year ago, while net asset value per share was $1.67, up from $1.66 as at March 31.

Metro said the challenges of a keenly competitive and discounted trading environment amid high operating costs will continue to impact the retail division.

It added that Metro Sengkang has closed, while Metro City Square will cease operations before the end of the year.

Singapore Shipping Corporation

Singapore Shipping Corporation's net profit doubled to US$7.3 million (S$10.4 million) for the six months to Sept 30, while revenue increased 56.1 per cent to US$24.2 million.

Earnings per share rose to 1.7 US cents from 0.8 US cents, while net asset value rose to 16.1 US cents as at Sept 30 from 15.3 US cents as at March 31.

ARA Asset Management

ARA Asset Management is proposing to carry out a rights issue to raise gross proceeds of about $152.1 million.

Shareholders will be entitled to purchase 18 rights shares for every 100 ordinary shares owned.

Each rights share will be priced at $1. This is 29.6 per cent cheaper than the closing price of ARA Asset Management shares yesterday, which was $1.42.

The company said it hopes to use part of the net proceeds from the rights issue for strategic investments, as seed capital for existing and new funds it manages, or for both these purposes.

It also intends to repay in full the $60 million shareholder loan provided by The Straits Trading Company Limited on April 23 and which matures on Nov 3 next year.