Metro Holdings' Q3 profit nearly doubles to $29.3 million

Metro Holdings has reported a 91.2 per cent hike in third quarter net profit to $29.3 million, helped largely by its acquisition of an additional stake in EC Mall in Beijing.

A negative goodwill of $19.1 million was recorded, boosting its other income to $26 million for the three months ended Dec 31, compared to $10 million in the same period a year ago.

The negative goodwill was the difference between the net fair value and the cost of the investment.

Revenue also rose 7.7 per cent to $54.5 million on higher rental income from Metro's property unit.

Turnover from the property arm saw healthy growth of 26.4 per cent to $17.7 million due to higher rent at EC Mall and another China property, Metro City Shanghai.

Metro's retail business eked out a 0.5 per cent increase in revenue to $36.8 million.

With the property unit seeing good growth momentum, the firm will explore more opportunities in the sector.

Earnings per share was 3.5 cents for the third quarter, up from 1.8 cents in the previous quarter. The net asset value per share rose to $1.42 as of Dec 31 from $1.38 as of Mar 31.

Shares of Metro dipped half a cent to 83 cents. It reported its earnings after markets closed.