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

Goola Warden
Goola Warden5/27/2022 08:07 AM GMT+08  • 2 min read
Metro's net profit falls 35% in FY2022 on impairment loss
Daiwa House Logistics Trust's DPL Sendai Port. Metro was a 7.68% cornerstone investor in the IPO
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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.,

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