Metro sinks into the red with second-half loss of $228.1 million
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Sales for Metro's retail division for the second half year fell to $51.6 million from $59.8 million.
PHOTO: ST FILE
SINGAPORE - Metro sank into the red for its second half ended March, with a net loss of $228.1 million, from a net profit of $6.4 million in the previous corresponding period.
The result translates to a loss per share of 27.6 cents, versus earnings per share of 0.8 cent, the mainboard-listed property investment and development group said in its financials released on May 23.
The losses were attributed to non-cash fair-value and impairment losses arising from the group’s China real estate exposure.
Other net expenses for the six months stood at $12.2 million as a result of higher net fair-value loss from the group’s long-term investments.
These include its $6.3 million investment in Mapletree Global Student Accommodation Private Trust, its $3.6 million investment in BentallGreenOak China Real Estate Fund III, and its other long-term investments amounting to $6 million.
The group also registered a decline of $3.5 million in interest income and foreign exchange losses of $2.6 million.
Revenue for the half-year declined by 14.6 per cent to $56.2 million, from $65.7 million in the year-ago period, as a result of lower contributions from its retail, sale of property rights and rental income segments.
Its retail division’s sales fell to $51.6 million from $59.8 million.
The property division’s revenue fell to $4.6 million from $5.9 million, mainly from lower sales of property rights of residential development properties in Indonesia’s Bekasi city and Bintaro in Jakarta.
A final dividend of two cents per share was proposed for the year, unchanged from the previous year.
Metro shares ended down 1.2 per cent at 41 cents on May 23. THE BUSINESS TIMES
