SINGAPORE (Aug 13): Metro Holdings reported 1Q20 earnings almost halved to $10.6 million, compared to $20.2 million in 1Q19.
The fall in earnings was mainly due to finance costs increasing by about 600% to $4.5 million from $0.7 million a year ago, as well as a 55.3% fall in share of joint ventures’ results to $7.3 million.
The increase in finance costs was mainly due to interest expense of $3.8 million on the notes issued by the company pursuant to its $1 billion multicurrency debt issuance programme, while the fall in share of joint ventures’ results was mainly attributable to losses incurred from The Crest, Singapore, and absence of $2.3 million gain from the sale of Acero Works, an office building in Sheffield, United Kingdom, recognised in 1Q19.
