Singapore’s Metro Holdings has reported an 82.7 per cent fall in its internet revenue to S$7.6 million within the fourth quarter.
Full yr earnings, nevertheless, rose 33.7 per cent to $142.9 million on income up four.78 per cent to $145.eight million.
The property improvement group stated revenues within the final quarter rose 19.2 per cent on account of greater turnover in its retail operations following the opening of its new retailer at Metro Centrepoint within the third quarter.
The corporate blamed the quarterly earnings decline on greater operational prices and overheads within the retail division, largely from the brand new retailer. The corporate additionally booked a writedown within the worth of plant and gear at Metro Centrepoint.
Metro operates a sequence of department shops and specialty shops in Singapore and Indonesia.
In Singapore, it has 4 department shops, 9 Monsoon Decorate and one M2 specialty shops. Metro Paragon, its flagship retailer situated on Orchard Rd is positioned on the excessive finish of the market, whereas Metro Woodlands and Metro Sengkang within the suburbs and Metro Metropolis Sq. on the town fringe are positioned as ‘family-friendly shops’.
