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[SINGAPORE] Metro sank into the red for its second half ended March, with a net loss of S$228.1 million against a net profit of S$6.4 million in the previous corresponding period.
The results translate to a loss per share of S$0.276, versus an earnings per share of S$0.008, the mainboard-listed property investment and development group said in its financials released on Friday (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 S$12.2 million as a result of higher net fair value loss from the group’s long-term investments.
These include its S$6.3 million investment in Mapletree Global Student Accommodation Private Trust, its S$3.6 million investment in BentallGreenOak China Real Estate Fund III and its other long term investments amounting to S$6 million.
The group also registered a decline of S$3.5 million in interest income and foreign exchange losses of S$2.6 million.
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Revenue for the half-year declined by 14.6 per cent to S$56.2 million, from S$65.7 million in the year-ago period, with lower contributions across its retail, sale of property rights and rental income segments.
The property division’s revenue fell to S$4.6 million from S$5.9 million, mainly due to lower sales of property rights of residential development properties in Bekasi and Bintaro, Jakarta. Its retail division’s sales fell to S$51.6 million from S$59.8 million.
A final dividend of S$0.02 per ordinary share was proposed for the year, unchanged from the previous year.
The counter ended Thursday flat at S$0.415.
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