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Metro Holdings announced that its FY2023 earnings had increased by 6.1% to a total of $25.2 million. This was primarily due to higher sales from their two Singapore department stores, Metro Paragon and Metro Causeway Point. Revenue increased by 16.7% year-on-year to $117.2 million. The higher sales were partially offset by the property division, which saw a decrease in revenue due to lower sale of property rights of residential development properties in Bekasi and Bintaro, Jakarta. Their property division recorded a $0.7 million decrease in revenue from $13.9 to $13.2 million. The revenue from their GIE Tower in Guangzhou was only slightly higher at $6.4 million.

The group however did benefit from higher contribution from their investment properties of associates and joint ventures in China, amounting to $11.7 million, as opposed to lower rental rebates and waivers granted to tenants due to China’s Covid-19 lockdowns and no impairment loss. These benefits were still overshadowed by the share of associate and joint venture’s fair value loss of $9.7 million on investment properties in both China and Australia, a net fair value loss on long and short-term investments and lower dividend incomes from long-term investments.

The under development Bukit Panjang LRT line will also connect the condo to more areas of the city. The developer has kept the traditional Bukit Panjang spirit alive with its design, providing an urban twist to the area’s Malay-style town houses and offering residents a roof garden, playground and jogging track.Buying property in The Myst Bukit Panjang is highly sought after, with buyers able to choose from a range of 1 to 4 bedroom units.

In FY2023, their revenue increased by 6.1% year-on-year to $63.4 million, while earnings increased by 54.0% to $8.3 million from $5.4 million in the same year. The company’s total cash and cash equivalents as at the end of March was recorded to be at $329.3 million.

The board of directors at Metro announced a final dividend of 2.0 cents, along with a special dividend of 0.25 cents. This represents a total payout ratio of 74.1%.

Metro Holdings Chairman, Winston Choo, conveyed that “Metro will continue to position our quality real estate portfolio in resilient sectors, both in our key countries and together with our strategic partners”.

The shares in Metro trade last traded on May 25 at 60 cents.

Cash and cash equivalents at the end of March for Metro Holdings was a strong $329.3 million and the board of directors declared a total payout of 2.25 cents per share as dividend. This comes on the back of a 6.1% y-o-y increase in earnings to $25.2 million and revenue climbing 16.7% y-o-y to $117.2 million.

The higher sales were sourced from their two department stores in Singapore, Metro Paragon and Causeway Point and were partially offset by lower revenue from the property division due to lower sale of property rights of the residential development properties in Bekasi and Bintaro, Jakarta. Their GIE Tower in Guangzhou saw a marginal increase in revenue from $6.3 million to $6.4 million.

The group’s FY2023 results were affected by the share of associate and joint venture’s fair value loss of $9.7 million on investment properties in China and Australia, a net fair value loss on long and short term investments and lower dividend incomes from long term investments. On a more positive note, the group recognised a higher contribution from their investment properties of associates and joint ventures in China, amounting to $11.7 million due to lower rental rebates and waivers granted to tenants.

For 2HFY2023, revenue was 6.1% higher y-o-y at $63.4 million, with earnings 54.0% higher at $8.3 million from $5.4 million a year ago.

Chairman of Metro, Winston Choo, reaffirmed their vision to “position our quality real estate portfolio in resilient sectors, both in our key countries and together with our strategic partners”.

At the current share price of 60 cents per share, metro Holdings is a promising stock. As investors seek out quality real estate portfolios, Metro Holdings’ position makes it a stock worth considering.