Metro Holdings’ Singapore retail business posted a 7.6 per cent decline in sales during the first quarter of this year amidst “difficult trading conditions”.
Metro has three Metro-branded department stores in the city and another 10 department stores in Indonesia.
The company said the retail business as a whole posted a decline in profit due to lower Singapore sales. Its Indonesian stores achieved “marginal growth”, the company said in its results filing.
Overall, Metro Holdings, whose primary business is property development in China, Singapore, Indonesia and the UK, achieved a net post-tax profit of S$20.3 million (US$14.7 million) for the quarter, down nearly 20 per cent in the same period last year, when it earned $25 million. However, this was largely due to the absence of a significant $8.3 million gain on asset disposals in the comparable quarter.
CEO Lawrence Chiang Kok Sung said the group will remain “disciplined and focused” in its investment approach to seek out potential investment opportunities in the region to drive sustainable growth.
