Metro posts Q2 net profit of S$9.3m
By Irene Chan, Channel NewsAsia | Posted: 13 November 2009 1649 hrs

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SINGAPORE : Mainboard-listed Metro Holdings has posted a second-quarter net profit of S$9.3 million, a turnaround from the S$4.9 million net loss in the year-ago period.

Revenue for the three months ended September rose 7.4 per cent to S$36.2 million.

Metro said revenue from its property division grew 11.1 per cent in the quarter from a year earlier, supported by higher rental income from its mature properties.

Its retail division also registered growth despite recessionary trading conditions, with turnover rising 5.3 per cent.

Metro said two of its properties in Beijing have just come on stream in the second quarter and one of them is expected to make its maiden contribution to rental income in the next quarter.

On the retail side, the company expects the performance of the Singapore and Indonesian economies to continue to impact retail trade. - CNA/ms