Goola Warden Fri, May 27, 2022
Metro Holdings announced a 35.5% y-o-y decline in net profit after tax of $23.7 million in FY2022 for the 12 months to March 31. This was mainly due to providing an impairment loss of $36.3 million on the amounts due from associates on the co-investments with BentallGreenOak (BGO) due to the ongoing China property sector headwinds. In addition, rental rebates and waivers granted to tenants arising from China’s recent COVID-19 lockdowns and lower contributions from The Crest contributed to lower earnings registered in FY2022. These were mitigated by a share of associates’ profit in FY2022 as compared to a share of associates’ losses in FY2021, a divestment gain from European Logistics Fund of $7.6 million (EUR5.0 million) and the absence of impairment loss on the right-of-use assets by the retail segment in FY2021.
During FY 2022, Metro acquired 30% of Cherrybrook Village Shopping Centre in New South Wales, increased its equity stake from 20% to 30% for both its Australian portfolio of 16 quality freehold office and retail centres, as well as asset management company Sim Lian – Metro Capital Pte.In Singapore, Metro acquired 26% of a high-spec industrial property at 351 Braddell Road via the Boustead Industrial Fund, its 15th property.
In Japan, Metro was a 7.65% cornerstone investment in Daiwa House Logistics Trust IPO in Singapore and signed a Memorandum Of Understanding with Daiwa House Industry Co.,
As at March 31, Metro had total assets of $2.5 billion and net assets of $1.6 billion. The board has proposed a final dividend of 2.0 cents and final special dividend of 1.0 cent, representing a payout ratio of 104.8%.