Metro Holdings net profit up 7.2% YoY to $25.3m in FY23

Its revenue grew 16.7% YoY to $117.2m.

SGX-listed Metro Holdings Limited's (Metro Holdings) net profit after tax grew by 7.2% to $25.3m for the full fiscal year ended 31 March, from $23.7m in the last year.

In a bourse filing, the company attributed the increase to "the higher contributions from its investment properties of associates and joint ventures in China with lower rental rebates and waivers granted to tenants arising from the country's COVID-19 lockdowns."

The company also recorded a 16.7% YoY rise in its revenue to $117.2m from $100.5m.

Its retail division had a sizeable contribution, with $104m due to higher sales from Metro Paragon and Metro Causeway Point.

However, its property division recorded lower revenue of $6.4m due to lower sales of property rights of the residential development properties in Bekasi and Bintaro, Jakarta, Indonesia.