On the other hand, the losses were partially mitigated by share of net operating profit of $14.9 million and fair value gains of $11.5 million from Metro's associates and joint ventures in UK, Australia and Singapore.
The company's retail division, meanwhile, ran a loss of $6.9 million in FY2025, down from profit after tax of $1.8 million in FY2024. Metro attributes this to lower revenue, lower margins and so on amid "challenges confronting Singapore’s retail sector."
Metro runs two department stores, one at Paragon, and the other at Causeway Point.
The company's overall revenue was down 9.8% y-o-y to $104.5 million.
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"Our key investment properties of Metro City, Metro Tower and GIE Tower in China as well as our properties in Singapore, the UK and Australia have continued to stay resilient," says group CEO Yip Hoong Mun.
"However, we expect the ongoing trade tariffs, prolonged property sector headwinds in China and the challenging retail environment in Singapore will continue to weigh on our near-term performance," he warns.
While Metro warns that the property market in China remains challenging, it is more upbeat elsewhere.
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For example, a key tenant, Hitachi Asia has exited from Asia Green, Metro's office property at the Tampines Regional Centre. Yet, Metro has been able to find new tenants to bring committed occupancy to 95%.
The company plans to maintain a final dividend payout of two cents.
As at March 31, Metro's NAV was $1.40 per share, versus $1.72 as at March 31 2024.
Metro Holdings shares closed at 42 cents on May 22, up 1.22% for the day but down 7.78% year to date.
