Metro's net profit crashes 84.8% to $1.2m in Q1

Blame it on store closures.

Metro Holdings reported a net profit of $1.2 million in the first quarter, a far cry from its net profit of $7.6 million in the similar period last year.

The sharp decline was mainly on back of 21.9% drop in revenue, which occurred due to the closure of Metro Sengkang and Metro City Square.

The group was also impacted by forex losses from its investment properties and projects in China.

For the full year, Metro's net profit dropped 20.82% to $113.2 million.

More From Singapore Business Review

• OUE’s net profit crashes 89.3% to $8.3m in Q1
  

• Ezion’s net profit slips 62.2% to US$15.5m in Q1
  

• Singtel’s income remains stable at $946m in Q4