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Metro sinks into the red in 2Q on one-off losses

Stanislaus Jude Chan
Stanislaus Jude Chan11/13/2017 06:43 PM GMT+08  • 2 min read
Metro sinks into the red in 2Q on one-off losses
SINGAPORE (Nov 13): Metro Holdings posted a net loss of $13.6 million in the 2Q ended September, compared to earnings of $16.4 million a year ago.
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SINGAPORE (Nov 13): Metro Holdings posted a net loss of $13.6 million in the 2Q ended September, compared to earnings of $16.4 million a year ago.

This was mainly due a loss of $17.0 million from the group’s share of results of joint ventures in 2Q18, compared to a gain of $3.9 million a year ago. The losses were largely due to the one-off expense arising on the expiry of conditional remission of Additional Buyer’s Stamp Duty (ABSD) for The Crest in Singapore, as well as a reversal of $9.5 million write down of amount due from the JV.

Revenue rose 6.8% to $30.2 million in 2Q18, from $28.3 million a year ago, on the back of higher sales recorded from its retail division.

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