Mainboard-listed retailer Metro Holdings has announced that its net profit for the fourth quarter surged 46.5 percent to S$56 million, attributed to the increase in revenue by 15 percent to S$39.9 million.
The company said the higher profit results for Q4 were mainly due to S$22.3-million gain from fair value adjustments on the company’s investment properties including those held by associates.
It added that the full-year net profit also more than doubled to S$93.8 million.
Metro’s full-year revenue came in at about S$151 million, a nine-percent jump over the last year.
Looking forward, the company said it expects to remain competitive in the retail trade both in Indonesia and Singapore.
However, the company also remains confident that the contribution of the newly-completed department store in Singapore, Metro City Square, will continue to help its Retail Division improve its topline sales performance.