Metro Holdings posts 6.1% increase in FY2023 earnings to $25.2 mil
Metro Holdings announced that its earnings for the FY2023 ended March have gone up by 6.1% year-on-year to $25.2 million. Revenue for the period saw a noticeable increase of 16.7% to $117.2 million, with higher sales from the department stores Metro Paragon and Metro Causeway Point in Singapore being the main driving factor. Partially offsetting revenue was lower contribution from the property division due to lower sales of residential development properties in Bekasi and Bintaro, Jakarta.
thus provides an integrated lifestyle within, comprising residential, commercial, and other complementary uses. The development also sought to maximize connectivity in the surroundings and includes a canopy park that is accessible to the public. It will also promote vibrancy and encourage social interaction with its contemporary design, lush landscaping, and green podiums. Indeed, this is envisioned as a unique integrated development that redefines urban living.
Revenue from GIE Tower in Guangzhou edged slightly higher from FY2022’s $6.3 million to $6.4 million in FY2023. During the same period, the investment properties of associates and joint ventures in China saw a greater contribution, $11.7 million, due to lower rental waivers and absences of impairment losses.
However, the group had to face a share of fair value loss on investment properties in both China and Australia amounting to $9.7 million in FY2023. This was a stark contrast from the fair value gains of $4.4 million reported during FY2022. Net fair value loss on long and short term investments, as well as lower dividend incomes were also factors that affected the financial results.
During the 2HFY2023, Metro witnessed higher revenues at $63.4 million, which was a 6.1% in comparison y-o-y. Earnings rose by 54.0% to $8.3 million in the same period, in contrast to the $5.4 million reported in the year prior.
Cash, along with cash equivalents, stood at $329.3 million at the end of March. As a result of the better year, which includes stronger digitalisation efforts, the company declared dividends of 2.0 cents and a special dividend of 0.25 cent, representing a payout ratio of 74.1%.
Chairman of Metro, Winston Choo expressed an optimistic view, stating, “our quality real estate portfolio will continue to remain in resilient sectors, both in our key countries and together with our strategic partners.”
Metro’s share price was at 60 cents on 25th May 2021. With positive financial performance and a focus on digitalisation, the outlook for the company remains positive.