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Metro Holdings books 64.6% jump in net profit

Property development and retail group Metro Holdings said its upcoming store at Centrepoint will seek to provide a fresh concept of modern retail experience.

SINGAPORE: Property development and retail group Metro Holdings said its upcoming store at Centrepoint will seek to provide a fresh concept of modern retail experience.

It will complement Metro's existing store at nearby Paragon.

The store is expected to be launched later in 2014.

Metro on Wednesday booked a 64.6 per cent jump in full year net profit to S$106.9 million for the year ended on March 31, 2014. This is compared to S$65 million in the previous year.

Sales rose by almost 4 per cent to S$194.3 million.

Revenue at its core property division rose by 13.3 per cent, mainly due to overall higher rental income.

Metro said it continues to experience competitive pressures in the retail environment as well as increasing operational costs in both Singapore and Indonesia.

It has declared a final dividend of 2.0 cents and a special dividend of 4.0 cents, taking the total to 6.0 cents per share.

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