Metro profit down to $81.9 million
But they have higher revenue as the property and retail segments bring a whopping 16.1% increase in revenue to S$175.2 million.
Mainboard-listed Metro Holdings Limited, a property development and investment group backed by established retail operations in the region, today reported a 16.1% increase in revenue to S$175.2 million for the full year ended March 31, 2011 (“FY2011”), from S$151 million in the previous corresponding period (“FY2010”).
This was driven by higher turnover from both of the Group’s business segments – its core Property and Retail segments. Higher rental income from three main properties contributed to Metro’s topline revenue improvement. This includes Metro City Shanghai following the completion of an asset enhancement exercise; EC Mall in Beijing; and the newly acquired Frontier Koishikawa Building in Tokyo, Japan. The higher rental income achieved more than compensate for lower rental from Metro Tower Shanghai and a 5% decrease in turnover arising from the decline in the value of the RMB against the Singapore dollar. The improvement from the Group’s Retail Division was broad-based, with significant contribution from the newly-opened Metro City Square department in Singapore.
For the fourth quarter ended March 31, 2011 (“4QFY2011”), the Group achieved a 13.6% increase in revenue to S$45.4 million, from S$39.9 million in 4QFY2010. Net profit attributable to shareholders, however, declined to S$81.9 million in FY2011; and to S$14.6 million in 4QFY2011 as the gain from the fair value adjustments of the Group’s investment properties, including those held by associates, was lower in the quarter. In addition, a decline in the fair value of the Group’s portfolio of short term investments contributed to the decrease in net profit in 4QFY2011.
Lt Gen (Rtd) Winston Choo (朱维良), Metro’s Chairman commented: “We are pleased that both our Property and Retail divisions delivered stronger topline growth, as our asset enhancement initiatives, prudent acquisitions of properties; and strong retail marketing efforts continued to yield positive results.