Metro's second-half net profit down 23%

Property division negatively impacted by high interest rate environment, group says

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Metro Holdings' net profit for the half-year ended March was down 23 per cent to $6.4 million, from $8.3 million a year ago.

This was despite a 3.8 per cent rise in revenue of $65.7 million for the period, reported the mainboard-listed property investment and development group on May 24.

Earnings per share stood at 0.8 cent for the half-year, down from one cent in the corresponding year-ago period.

Share of profit from joint ventures registered a loss of $3.9 million in the second half-year, compared with a gain of $20.4 million.

This was mainly due to the group's share of higher revaluation losses from investment properties and lower operating profit.