SINGAPORE (June 25): Metro Holdings has announced 2H20 earnings (or net profit) of $11.3 million compared to $62.4 million a year ago, mainly due to the fair value adjustments of its investment properties, joint ventures of $8.5 million, as well as rental rebates and waivers granted to tenants arising from the Covid-19 outbreak.

The group’s earnings for the full year fell 66.5% to $32.2 million from $96.3 million the year before. The losses were partly mitigated by the divestment gain of $10.6 million from the disposal of the group’s 50% equity stake in its retail associate in Indonesia, PT MRM.

See: Metro disposes 50% stake in PT Metropolitan Retailmart for $25 mil

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