Metro Holdings narrows FY2026 loss to $203.1m

China property headwinds continued to weigh on earnings.

Metro Holdings narrowed its loss after tax to $203.1m for the financial year ended 31 March 2026, from $224.7m a year earlier, mainly due to non-cash fair value and impairment losses tied to its China real estate exposure.

The group recorded an $88.2 m fair value loss mainly from China properties held under associates and joint ventures.

It also booked a $65.0m share of loss from associate Top Spring and a $30.2m impairment loss on amounts due from associates, mainly from co-investments with BGO.

These were partly offset by S$16.2m in contributions from Singapore, UK, and Australia properties held under associates and joint ventures.

Group revenue fell to $97.7m in FY2026 from $104.5m in FY2025, due to lower sales of property rights from residential developments in Bekasi and Bintaro, Jakarta, as well as lower sales from Metro Paragon and Metro Causeway Point.

The retail division posted a wider loss after tax of $11.4m, compared with $6.9m a year earlier, as sales declined and gross margins weakened amid challenging conditions in Singapore’s retail sector.

Metro carried out several asset management initiatives during the year. It divested its 26% stake in Boustead Industrial Fund to UI Boustead REIT, generating S$116.0m in net sale proceeds for capital recycling.

The group also sold about 93% of the total strata title area at its 20%-owned VisionCrest Orchard and divested Dalyellup Shopping Centre in Western Australia.

Metro maintained net assets of $900m and total assets of $1.8b as at 31 March 2026. Net gearing stood at 0.16x, whilst cash and cash equivalents and short-term investments amounted to $435.9m.

The board proposed a final dividend of $0.002 per ordinary share.

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