Metro Holdings announced a 35.5% y-o-y decline in net profit after tax of $23.7 million in FY2022 for the 12 months to March 31. This was mainly due to providing an impairment loss of $36.3 million on the amounts due from associates on the co-investments with BentallGreenOak (BGO) due to the ongoing China property sector headwinds. In addition, rental rebates and waivers granted to tenants arising from China’s recent COVID-19 lockdowns and lower contributions from The Crest contributed to lower earnings registered in FY2022. These were mitigated by a share of associates’ profit in FY2022 as compared to a share of associates’ losses in FY2021, a divestment gain from European Logistics Fund of $7.6 million (EUR5.0 million) and the absence of impairment loss on the right-of-use assets by the retail segment in FY2021.

During FY 2022, Metro acquired 30% of Cherrybrook Village Shopping Centre in New South Wales, increased its equity stake from 20% to 30% for both its Australian portfolio of 16 quality freehold office and retail centres, as well as asset management company Sim Lian – Metro Capital Pte.In Singapore, Metro acquired 26% of a high-spec industrial property at 351 Braddell Road via the Boustead Industrial Fund, its 15th property.

In Japan, Metro was a 7.65% cornerstone investment in Daiwa House Logistics Trust IPO in Singapore and signed a Memorandum Of Understanding with Daiwa House Industry Co.,

As at March 31, Metro had total assets of $2.5 billion and net assets of $1.6 billion. The board has proposed a final dividend of 2.0 cents and final special dividend of 1.0 cent, representing a payout ratio of 104.8%.

Metro's net profit falls 35% in FY2022 on impairment loss 

Singapore 'acutely aware' of global competition to be AI hub, plans to triple AI talent pool to 15,000

MSCI boss warns of climate risks

Keppel to acquire 50% stake in European asset manager Aermont Capital for up to $517 mil

Local banks 'resilient' in 2023, but MAS warns of deteriorating asset quality, climate transition risks

The new kings and queens of content

DBS raises BRC Asia's target price to $2

RHB raises Marco Polo Marine target price to 7 cents on higher earnings seen for FY2025

UOB Kay Hian and CGS-CIMB analysts stay put on IHH Healthcare

How to reduce and manage cyber risks during M&As

The future calls for cost-aware and sustainable IT architectures, says Amazon’s CTO

Coexisting with AI holograms

Golden Bull 2023: Busways empowers the future

Global Invacom shares surge on US Navy satellite systems contract win

CLCT to net RMB690.7 million from divestment of Beijing mall

Life on the road with  TUDOR pro cyclists Arvid de Kleijn, Sebastian Kolze Changizi and Maikel Zijlaard

Tennis pro Rafael Nadal’s fragrance line for Henry Jacques is now complete with the final addition of a solid perfume

A visit to the Jaeger-LeCoultre Manufacture offers insight into the artistry that goes into crafting a luxury timepiece

Charlie Munger and the fading art of the Second Banana

Watch out for three orphan companies

Why are we all freaking out about AI

Hong Kong billionaire Cheng family's succession under spotlight

Matter of time before Straits Times Index stages rally

Manulife US REIT units fall over 40% on debt restructuring plans, DBS downgrades to 'hold'

Seatrium secures FPSO topside modules fabrication contract from MODEC

Yangzijiang Financial to start new ventures with departing CEO Toe; reaffirms buybacks

Metro's net profit falls 35% in FY2022 on impairment loss

Related News

Highlights

Singapore 'acutely aware' of global competition to be AI hub, plans to triple AI talent pool to 15,000

Related News

Metro reports lower 1HFY2024 earnings, acquires 20% stake in VisionCrest for up to $40 million

Metro solidifies its position as property investment company; set to expand PBSA portfolio

Metro Holdings posts 6.1% increase in FY2023 earnings to $25.2 mil