ASEAN KEY DESTINATIONS
Metro Q4 net profit plummets nearly 85% to S$1.1m
SINGAPORE: Property and retail group Metro on Thursday (May 26) posted a nearly 85 per cent plunge in its fourth-quarter net profit, hurt by a decline in revenue and currency fluctuations.
Net profit for the quarter was S$1.1 million, an 84.9 per cent decline from S$7.6 million during the same period a year ago.
Revenue fell 21.9 per cent to S$32.6 million, compared with S$41.7 million a year ago. Other income, including interest income, was down 71.9 per cent to S$2.7 million, mainly due to currency fluctuations.
Full-year net profit was S$113.3 million, 20.4 per cent lower compared with S$142.4 million the previous year.
Metro said retail sales was hit by a softer market and the closure of outlets in Sengkang and City Square. Sales at its Centrepoint outlet have also been affected by the mall’s makeover since May 2015.
The outlook for retail remains challenging, especially with the competitiveness of the industry, discounted trading environment and high operating costs in Singapore, the company added.
“We have ‘right-sized’ our retail stores in Singapore. We continue to focus on providing shoppers with a refreshed experience through a wide and good variety of quality merchandise and by offering innovative and new marketing platforms,” Metro chairman Lt Gen (Rtd) Winston Choo said.
The company declared a final dividend of S$0.02 and a special dividend of S$0.05 per share.
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