In its FY2023 profits, Metro Holdings reported a 6.1% increase to $25.2 million

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Hillock Green by Forsea Residence, Soilbuild & UED Alpha

Metro Holdings M01 1.65%announced that its FY2023 end-March earnings are up 6.1% y-o-y to $25.2 million. This is on the back of revenue growing 16.7% y-oy- to $117.2 million, up from $100.5 million in the previous year, mostly due to increased sales at Metro Paragon and Metro Causeway Point Metro Causeway Point, two department stores that are located in Singapore. The increase in revenue was partially due to lower revenues in the property division due to the lower selling of property rights to homes being developed properties situated in Bekasi in Jakarta and Bintaro, Jakarta.

Hillock Green by Forsea Residence, Soilbuild & UED Alpha covering an impressive site area of 13,444.3 square meters, this non-landed residential property promises comfort, convenience, and modernity all at once.

The property division recorded lower revenues in the range of $0.7 millions to $13.2 million for FY2023, compared to $13.9 million recorded in FY2022 mostly due to lower sales of property rights to housing developments properties situated in Bekasi as well as Bintaro, Jakarta. Revenues generated from GIE Tower, Guangzhou, has increased slightly by $6.3 million during FY2022 and $6.4 million for FY2023.

The FY2023 financial year, the firm reported a greater contribution of $11.7 million from investment properties of joint ventures and associates located in China with less rent rebates and waivers given to tenants as a result of China’s Covid-19 lockdowns as well as an absence of a one-time impairment charge of $36.3 million on the amount that associates owe.

However the group’s FY2023 earnings were impacted by a portion of joint ventures and associates’ losses in the amount of $9.7 million in investment properties that are located in China as well as Australia during FY2023, in contrast to a share of fair value gains that was $4.4 millions in FY2022, which is a greater net loss of fair value on short and long-term investments and lower dividends from long-term investments.

Based on a 2HFY2023 perspective it were 6.1% higher y-o-y at $63.4 million, and profits increased 54.0% higher at $8.3 million compared to $5.4 million the year before.

At the end of March the cash equivalents and cash were as $329.3 million.

The company has announced the final dividend amounting to 2.0 cents. It also declared an extra yield in the amount of 0.25 cent. This is a payout ratio in the range of 74.1%.

Winston Choo, chairman of Metro states: “”Metro will continue to build our real estate portfolio in a resilient sector as well as in our most important countries as well as along with Strategic Partners.”

Metro shares Metro was last was traded at 60 cents on the 25th of May.

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