SINGAPORE -Net profit at property development and investment group Metro Holdings dropped 12.6 per cent to $55.7 million in the third quarter.

Revenue inched down 1.3 per cent to $41 million for the three months to Dec 31.

The firm said the moving out sales of Metro City Square more than offset the impact from an absence of sales from the closed Metro Sengkang department store.

Earnings per share fell to 6.7 cents from 7.7 cents a year ago, while net asset value per share was $1.71, up from $1.66 as at March 31.

The results come after Mr Jopie Ong, the late group managing director, died on Feb 2.

Metro chairman, Lt Gen (Rtd) Winston Choo paid tribute to Mr Ong for his dedication and

strategic leadership that has made Metro what it is today - a robust enterprise with property and retail interests around the region and Britain.

"His dedicated guidance will be dearly missed and we will continue to uphold his vision of a strong and sustainable Metro," he said.