Metro Holdings M01 1.65% reported that its FY2023 ending March earnings had increased by a considerable 6.1% back year-on-year to a net sum of $25.2 million. Contributing to this result was higher sales from its two Singapore department stores, Metro Paragon and Metro Causeway Point, which resulted in a 16.7% y-o-y increase in revenue to $117.2 million from $100.5 million previously.

This increase in revenue was partially offset by a lower return from the property division, largely attributed to reduced sale of property rights of the residential development properties in Bekasi and Bintaro, Jakarta. This saw a year on year decrease in revenue to $13.2 million from $13.9 million in FY2022. Nevertheless, it should be noted that revenue from GIE Tower in Guangzhou managed to marginally increase from $6.3 million to $6.4 million.

Contributing to a positive FY2023 result for the Group were higher contributions of $11.7 million from the investment properties of its associates and joint ventures in China, with lesser rental rebate and waiver granted to tenants due to the Covid-19 lockdown and no one-off impairment loss on amounts payable from its associates.

On the other hand, Metro’s earnings in FY2023 did not enjoy the same advantage from the last year due to a share of associate and joint venture’s fair value loss of $9.7 million on investment properties in China and Australia, being in stark contrast to the share of fair value gain of $4.4 million seen in FY2022. In addition, the Group faced a decrease in dividend income from its long term investments and a net fair value loss on short and long term investments.

Looking into the second half of FY2023, there was a 6.1% uptick in revenue compared to the same period last year to $63.4 million, with the Group’s corresponding earnings also increasing significantly by 54.0% to $8.3 million. As of the end of March, Metro’s cash and cash equivalents stood at $329.3 million.

Altura EC Bukit Batok West Avenue 8 is close to a wide array of amenities. This includes leisure and entertainment facilities such as Bukit Batok Nature Park and Bukit Batok Golf Range. Schools, hospitals, malls, and other leisure activities are also within easy reach.

Winston Choo, chairman of Metro Holdings voiced his thoughts on the sectors prospects, announcing that Metro would “position our quality real estate portfolio in resilient sectors, both in our key countries and together with our strategic partners.”

To conclude, Metro declared a final dividend of 2.0 cents and special dividend of 0.25 cent, accounting to a 74.1% payout ratio.Shares in Metro, last traded at 60 cents on the 25th of May.