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Metro’s 2Q earnings dip 12.6% to $16.2 mil on lower revenue

Michelle Zhu
Michelle Zhu11/14/2016 06:55 PM GMT+08  • 2 min read
Metro’s 2Q earnings dip 12.6% to $16.2 mil on lower revenue
SINGAPORE (Nov 14): Metro Holdings, the property firm and operator of department stores, posted a 12.6% decline in 2Q17 earnings to $16.2 million from $18.6 a year ago.
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SINGAPORE (Nov 14): Metro Holdings, the property firm and operator of department stores, posted a 12.6% decline in 2Q17 earnings to $16.2 million from $18.6 a year ago.

This was mainly due to lower revenue, which fell 26.1% to $28.3 million from $38.3 million a year ago on the back of lower retail sales, which decreased by 28% to $42.3 million as sales of Metro City Square and Metro Sengkang ceased upon their closure.

The group however maintains that sales of continuing department stores have “remained stable” with its containment of operating and overhead costs, which have assisted in reducing the segmental loss of the retail division’s Singapore operations.

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