In FY2023, the group recorded higher contribution by $11.7 million from the investment properties of associates and joint ventures in China with lower rental rebates and waivers granted to tenants arising from China’s Covid-19 lockdowns and an absence of a one-off impairment loss of $36.3 million on the amounts due from associates.
Metro Holdings(SGX:M01
) announced that its FY2023 ended March earnings has increased by 6.1% y-o-y to $25.2 million. This comes on the back of revenue gaining 16.7% y-oy- to $117.2 million from $100.5 million last year, mainly due to higher sales from Metro Paragon and Metro Causeway Point, the two department stores in Singapore. The revenue increase was 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.
The property division recognised lower revenue by $0.7 million to $13.2 million in FY2023 from $13.9 million in FY2022 mainly due to lower sale of property rights of the residential development properties in Bekasi and Bintaro, Jakarta. Revenue from GIE Tower, Guangzhou, increased marginally from $6.3 million in FY2022 to $6.4 million in FY2023.
