Mainboard-listed Metro Holdings Limited, the growing property development and investment group backed by established retail operations in the region, today reported a 138.2% increase in net profit attributable to shareholders to $93.9 million on a 9% increase in revenue to $151 million for the full year ended March 31, 2010 (FY2010).

For the fourth quarter ended March 31, 2010 (4QFY2010), the group achieved a 46.5% increase in net profit attributable to shareholders of $56 million on a 15.1% rise in revenue to $39.9 million.

The rise in 4QFY2010 net profit attributable to shareholders is mainly attributed to a higher gain of $22.3 million from fair value adjustments on the group’s investment properties, including those held by associates.

Revenue for the group’s core Property Division declined marginally by 6.3% to $14.1 million in 4QFY2010 from $15 million in 4QFY2009. Rental income was lower at Metro City Shanghai as it continued to be affected by ongoing asset enhancements.

Sales of the Retail Division rose 31.4% as compared to 4QFY2009, with a major contribution from the newly-opened Metro City Square department store in Singapore.

The group maintained a strong balance sheet with cash and cash equivalents of $174.1 million as at March 31, 2010.