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.
However, the group’s FY2023 results were affected by a share of associate and joint venture’s fair value loss of $9.7 million on investment properties in China and Australia in FY2023, as compared to a share of fair value gain of $4.4 million in FY2022, a higher net fair value loss on long and short term investments and lower dividend income from long term investments.
On a 2HFY2023 basis, revenue was 6.1% higher y-o-y at $63.4 million, while earnings came in 54.0% higher at $8.3 million from $5.4 million a year ago.
As at end March, cash and cash equivalents stood at $329.3 million.
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The group has declared a final dividend of 2.0 cents, along with a special dividend of 0.25 cent. This represents a payout ratio of 74.1%.
Winston Choo, chairman of Metro says: ““Metro will continue to position our quality real estate portfolio in resilient sectors, both in our key countries and together with our strategic partners.”
Shares in Metro last traded at 60 cents on May 25.
