Property and investment group Metro Holdings Ltd has announced that its net profit rose 19.7 percent in the second quarter to $43.4 million, attributed to higher revenue from its property and retail businesses.
The group recorded $51.9 million in earnings for the second quarter ended 30 September 2010, compared to $9.3 million in net profit over the same period last year.
Metro Holdings, which operates malls in Singapore and Indonesia and owns properties in China, said rental income from China will continue to grow with improved rates in the retail properties.
It added that the “trading environment for the retail trade in Singapore and Indonesia is expected to remain competitive,” and the base effect waning and year-on-year growth are likely to become more subdued.